Fintech startup Revolut has announced a new partnership with Mastercard to launch Revolut cards in the US 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 their participation in the network’s accelerator program, Start Path.
Mastercard and Revolut have had a lot of success in Europe – providing 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% of all existing and future cards that Revolut will issue in Europe.
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 to the U.S. 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, said: “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.”
“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.
“Revolut’s success and its speed to new markets, such as the U.S., 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.”