Revolut partners with Mastercard to expand the activity into the United States
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, according to a press release of the company.
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.