Porto Seguro shuts down Brazil's first MVNO

Brazil's first mobile virtual network operator (MVNO) Porto Seguro Conecta will end its operations.

The initiative led by local insurance giant Porto Seguro was introduced in 2013 as an add-on to the company's insurance products, with packages ranging from 5GB to 50GB.

Telecom Italia's Brazilian mobile operator TIM was the infrastructure provider for the service and will inherit the MVNO's portfolio of about 500,000 voice and data lines.

According to Porto Seguro, the end of its operations in the mobile connectivity space is "aligned with the goal to focus efforts on businesses that have a competitive advantage."

Several other companies have started MVNOs since Porto Seguro Conecta launched, including the Brazilian Post, Correios. The postal service introduced its offering last year and plans to reach a user base of eight million users by 2022.