Revolut and MasterCard begin global partnership in US
Mastercard and London-based FinTech Revolut have today announced a partnership to launch Revolut cards in the U.S.
An expansion of the firms’ existing relationship, the cards will be available by the end of the year and are part of a wider capability to launch in any country in which Mastercard is accepted.
A 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.
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.
The two businesses will partner on a minimum of 50 per cent of all existing and future cards Revolut issue in Europe.
The partnership will also see Revolut onboard some of Mastercard’s technology within its product and solutions.
Nik Storonsky, Revolut’s founder and CEO said Mastercard has been an important contributor to its success.
“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 added: “Having partnered with Revolut over the last four years, we are delighted that our relationship continues to grow and meet our collective global ambitions.
“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.”
Mastercard’s strategy of working with FinTech partners from their inception has led to it working with 60 digital banks and FinTechs in Europe, a figure which has doubled the last two years.
The FinTech is also working with Visa, and plans to hire 3,500 new staff as part of its expansion into new markets.