Revolut to Launch First U.S. Cards With Mastercard in New Deal
October 22 2019 - 3:00AM
Business Wire
Launch part of a new global partnership,
reaching 210 countries and territories The new deal will see
Revolut issue their first cards in the U.S. with Mastercard Revolut
is on course to launch in the U.S. by the end of the year
Mastercard (MA) and Revolut, today announced a partnership to
launch Revolut cards in the U.S. by the end of the year, as part of
an expansion of their relationship enabling the issuance of cards
in any market around the world where Mastercard is accepted.
Mastercard has built a strong partnership with Revolut since its
launch in 2015 and participation in the global payments company’s
accelerator program, Start Path.
Together Mastercard and Revolut have enjoyed great success
across Europe providing ground-breaking financial services to
consumers, from day-to-day money management to market leading
foreign exchange solutions. Today’s announcement confirms the two
businesses will partner on a minimum of 50 percent of all existing
and future cards Revolut issue in Europe. Beyond Europe, the
agreement will also enable Revolut to meet its global reach
ambitions. Primary to these ambitions is to offer financial
services to consumers in the U.S., and by the end of the year the
brands will launch Revolut’s first solutions in the US market. The
global expansion will also enable Revolut to reach markets in Asia
Pacific and Latin America such as: Australia, Singapore, Japan, New
Zealand, Brazil and Mexico.
Nik Storonsky, founder and chief executive officer, Revolut,
commented, “As a launch partner of Revolut, Mastercard has been an
important contributor to our success, and today’s agreement will
enable us to meet our ambitious goal of offering innovative
financial and payment solutions to people all over the world.” Nik
continued, “Launching in the U.S. will be a huge milestone for us,
and we are delighted Mastercard will be our go-to-market
partner.”
Michael Miebach, chief product officer at Mastercard said:
“Having partnered with Revolut over the last four years, we are
delighted that our relationship continues to grow and meet our
collective global ambitions. Revolut’s success and its speed to new
markets, such as the US, is welcome proof of our commitment to
tailoring support for fintechs. Broadening Revolut’s global reach
will enable millions more people around the world to benefit from
Mastercard’s worldwide acceptance footprint and Revolut’s ground
breaking financial services.”
The partnership will also see Revolut onboard some of
Mastercard’s latest technology within its product and solutions, to
begin with it will leverage Mastercard’s Send platform.
In Europe alone, Mastercard is the partner of choice for more
than 60 digital banks and fintechs, which has doubled in the last
two years, and is testament to our strategy of working with fintech
partners from their inception. Mastercard Start Path, which Revolut
joined in 2016 as a start-up, is an award-winning program that
enables later-stage tech start-ups to rapidly scale through
unparalleled access to Mastercard’s technology, solutions expertise
and global partnerships.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology
company in the global payments industry. Our global payments
processing network connects consumers, financial institutions,
merchants, governments and businesses in more than 210 countries
and territories. Mastercard products and solutions make everyday
commerce activities – such as shopping, traveling, running a
business and managing finances – easier, more secure and more
efficient for everyone. Follow us on Twitter @MastercardNews, join
the discussion on the Beyond the Transaction Blog and subscribe for
the latest news on the Engagement Bureau.
About Revolut
Revolut was launched in July 2015 by former Credit Suisse and
Deutsche Bank investment bankers, Nik Storonsky and Vlad Yatsenko,
as a digital alternative to the big banks. While the fintech
initially drew in customers by letting them spend and transfer
money abroad with the interbank exchange rate, the company has
since attracted over 7 million customers in Europe with its
spending overviews, budgeting controls, savings features and
cryptocurrency exchange.
To date, Revolut has raised approximately $340 million in
investments, from notable venture capital firms including Index
Ventures, Ribbit Capital, Balderton Capital and DST Global
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version on businesswire.com: https://www.businesswire.com/news/home/20191022005326/en/
For further information: Mastercard: James
Issokson (US) +1 914-648-9971 James.issokson@mastercard.com
James Thorpe (UK) +44 20 7557 5430
James.Thorpe@mastercard.com
Revolut: Chad West +44 7860651737 Chad@revolut.com
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