New banks

Soon after signing a global deal with Visa, Revolut to launch U.S. cards with Mastercard

  • Mastercard has signed a deal with challenger bank Revolut to issue debit cards in the U.S.
  • This announcement comes just weeks after Revolut signed a global deal with Visa.
Soon after signing a global deal with Visa, Revolut to launch U.S. cards with Mastercard

Mastercard and Revolut announced a partnership to launch Revolut cards in the U.S. by the end of the year.

  • This is part of an expansion of the two firms’ relationship, enabling the issuance of cards in any market around the world where Mastercard is accepted
  • Mastercard has been working with Revolut since its launch in 2015 and participated in the network’s accelerator program, Start Path.
  • The two businesses will partner on all of the cards issued in the U.S. and a minimum of 50 percent of all existing and future cards Revolut issues in Europe. Outside of Europe, the split will be 75 percent Visa and 25 percent Mastercard.
  • 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. 

Revolut’s ambitions are global and the tie-up with Mastercard is intended to help the challenger bank reach its expansion targets.

  • 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.

This partnership comes just weeks after Revolut announced a global partnership with Visa.

  • In that announcement, Visa was to help enable Revolut to launch initially in Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore and the United States. 
  • 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.
  • What we’ve been working really hard on is accelerating Revolut’s launch in the U.S.,” Sue Kelsey, Mastercard’s executive vice president of global prepaid and financial inclusion, told CNBC. “This will allow us 100% issuance of Revolut accounts on Mastercard” to begin with, she added.
Member Exclusive, New banks

Research: 36 percent of industry professionals don’t think challenger banks are competitive

  • Tearsheet asked professionals what they thought of challenger banks.
  • Almost thirty percent of those polled think these upstarts are 'overhyped'.
Zoe Murphy | January 13, 2020
New banks, Podcasts

Rho’s Everett Cook on building banking products and financial tools for startup teams

  • Fast growing startups haven't enjoyed the fruits of new fintech options.
  • Rho Business Banking wants to provide core banking and tools to help companies run more efficiently.
Zack Miller | January 06, 2020
New banks, Podcasts

The Challengers 11: 2019, the year in review for digital banking and challenger banks

  • Challenger Banks emerged as competitive players in 2019.
  • New equity and global reach will continue to propel challenger banks forward in 2020.
Zack Miller | December 26, 2019
New banks

Banking 2020: Technology trends and the future of banking

  • Experts share their views on top banking trends in 2020.
  • From quicker payments to better customer experiences, the banking industry is continuing to evolve.
Michael Deleon | December 23, 2019
New banks

New entrants spark interest in teen banking in the U.S.

  • Teen banking is seeing new tools and products.
  • While hard to monetize, new entrants are throwing their hats into the ring.
Zack Miller | December 02, 2019
More Articles