New banks

Revolut chooses Visa as lead issuing partner for its international expansion

  • The challenger bank has global ambitions.
  • Visa will work with Revolut to expand to new geographies and markets.
close

Email a Friend

Revolut chooses Visa as lead issuing partner for its international expansion

Visa and Revolut are growing their relationship via an expanding partnership in Europe, adding 24 new markets globally.

Partnering on new market launches: Leveraging Visa’s brand, scale and global footprint, Revolut plans to bring its challenger bank offering to five new regions, reaching 24 new markets, for a total of 56 markets globally.

  • Revolut offers consumers a range of digital financial services via a mobile application, including currency exchange, budgeting and person-to-person payments, all linked to a Visa card.
  • Under the terms of the agreement, Revolut will primarily issue Visa-branded cards in the global expansion.

Revolut has expressed its interest in expanding globally, primarily by acquiring new banking licenses.

  • Visa will enable Revolut to launch initially in Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore and the United States.
  • The challenger later plans on entering Argentina, Chile, Colombia, Hong Kong, India, Indonesia, Korea, Malaysia, Mexico, Philippines, Saudi Arabia, South Africa, Taiwan, Thailand, Ukraine and Vietnam. 
  • Revolut first began issuing Visa cards to its customers across Europe in July 2017. Since that time, Revolut has worked with the payments company to issue Visa-branded cards in every major European market.
  • Together with Visa, Revolut customers get instant spending notifications, monthly spending breakouts and budgets by individual categories. Visa APIs, including Visa Token Service and Payments Attribute Account Inquiry, and Visa prepaid and debit cards, complement the existing Revolut app with security and speed consumers expect when they use their Visa.

“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.” 

Servicing the fintech community: Visa continues to pursue ways to encourage the growth of emerging payments ecosystems around the world.

  • The company rolled out Partner last week, a resource portal with information for technology firms to accelerate getting up and running with Visa.
  • The company also recently launched its Fast Track program in the US, a collaborative program that provides internal resources and external partners to fintechs to integrate with Visa.
  • Visa Direct, the firm’s platform that enables faster push payments, is connected to over a billion financial accounts worldwide .

“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.” 

0 comments on “Revolut chooses Visa as lead issuing partner for its international expansion”

Member Exclusive, New banks

Banking Briefing: Will WFH become a thing of the past?

  • Banks are pushing to get employees back in the office – but what will that do for their efforts to attract tech talent?
  • Meanwhile, gender inequality is alive and well in the banking industry. Here’s what one bank is doing to try and solve that.
Rivka Abramson | September 12, 2022
New banks

Are neobanks still considered disruptors?

  • Neobanks include thousands of companies seeking to disrupt banks across different customer segments and products.
  • As the digital transformation unfolds throughout the financial services industry, there will be a role for all types of service providers, including brick-and-mortar institutions.
Lindi Miti | September 02, 2022
New banks

Timberland Bank offers a savings program that pays customers to learn about finances

  • Integrations don’t have to be a painful, dragged out process if the right people are involved.
  • Paying people for learning about their finances can improve financial wellness and customer engagement.
Rabab Ahsan | September 01, 2022
Member Exclusive, New banks

Banking Briefing: All about branches

  • In a world of Web2s, Web3s, and Web-what-have-yous, a bank’s physical presence can almost feel passé.
  • But despite their decline in numbers, branches still very much play a role in banks’ success – from improving accessibility to getting in front of more consumers’ eyes.
Rivka Abramson | August 30, 2022
Member Exclusive, New banks

Banking Briefing: Offering personalized banking in an inflationary environment

  • As the financial situation takes on darker hues for consumers, personalization takes on a whole new dimension.
  • Here's what one neobank is doing to offer personalized services when times are tough.
Rivka Abramson | August 15, 2022
More Articles