IQSTEL is a wholesale international telecommunications carrier operating across 20 countries. The core business is routing voice calls and SMS messages between carriers — IQSTEL sits in the middle of the global telecom ecosystem, connecting carrier networks when traffic needs to cross borders. Customers are other telecom operators, not end users. IQSTEL makes money on the spread between what it charges carriers to terminate traffic and what it pays its downstream partners to complete that traffic. Margins are thin and the business is volume-driven, which is typical for wholesale carriers. IQSTEL operates through several subsidiaries, including Etelix (focused on Latin America and Asia), SwissLink Carrier (European VoIP routing), Whisl Telecom (U.S. Tier 1 capacity), and QXTEL (acquired in 2024, adding wholesale voice and A2P SMS capability). The telecom division accounts for roughly 91% of revenue. IQSTEL has grown primarily by acquiring majority stakes in smaller carriers, which has expanded its network to 600+ carrier interconnections globally. Beyond telecom, IQSTEL has a fintech segment (~9% of revenue) anchored by GlobeTopper, a B2B digital gift card and incentives platform acquired in 2025. Earlier-stage fintech initiatives include Global Money One, which targets U.S.-based immigrants with remittances and prepaid debit cards. IQSTEL also has a pre-revenue blockchain and AI division developing enterprise tools for telecom and contact center applications. IQSTEL listed on the Nasdaq Capital Market in May 2025.