Visa and Revolut have announced a new agreement that will help Revolut expand its business globally.
Leveraging Visa’s brand, scale and global acceptance footprint, Revolut will be able to bring its product offerings to five new regions, reaching 24 new markets for a total of 56 markets globally. Under the terms of the agreement, Revolut will primarily issue Visa-branded cards in the global expansion.
Revolut offers consumers a range of digital financial services via a mobile application, including currency exchange, budgeting and person-to-person (P2P) payments, all linked to a Visa card. Building on the success of its existing agreement in Europe, Visa will enable Revolut to launch initially in a multitude of new countries.
“We are excited to build upon our existing collaboration with Visa, the world’s leader in digital payments, which will bring to life our shared vision for seamless, innovative payment experiences,” said Nikolay Storonsky, founder and chief executive officer, Revolut.
“The new global agreement with Visa is timely for Revolut as we move into a number of new markets to offer even more consumers the control, flexibility and innovative features that our European customers have been benefiting from for years.”
“Revolut has made great strides in delivering innovative and unique experiences to consumers in Europe. We are thrilled to extend our relationship as Revolut looks to achieve their global growth ambitions and collectively drive increased volume on the Visa network,” said Jack Forestell, chief product officer, Visa.
“With Visa being accepted at nearly 54 million merchant locations across more than 200 countries, we have the scale, experience and expertise to help fintechs like Revolut go global.”
Visa and Revolut have built a strong partnership over the last four years. The digital banking alternative first began issuing Visa cards to its customers across Europe in July 2017.
Since that time, Revolut has been able to leverage Visa’s global network and capabilities to help drive their rapid global expansion, including issuing Visa-branded cards in every major European market today.