From a tech perspective, it looks promising. In theory, your privacy will be, at very worst, only as bad as the most private actor in a two-hop chain.

In practice, though, Mullvad seems relatively okay with offering a white label version of its services to anybody who asks. And there’s a plus side there, because it means anybody who subscribes to that other service will be part of a larger crowd of Mullvad users in general. And blending in with the crowd is a good way of staying obscured.