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.
close

Email a Friend

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.

0 comments on “Soon after signing a global deal with Visa, Revolut to launch U.S. cards with Mastercard”

New banks

‘I have a visceral understanding of the underserved customer because I was one too’: The story behind Ahead Financials

  • Ahead Financials was launched back in December to provide banking services to anyone who feels financially insecure or underbanked.
  • Anu Shultes is the CEO of Ahead. Her inspiration for the challenger bank and her understanding of how to build it come from 25+ years in the banking industry, as well as her own experience as an immigrant in the US trying to make ends meet.
Rivka Abramson | May 17, 2021
New banks

Banking software providers are helping their clients go digital

  • Small banks and credit unions need to digitize to compete in an evolving industry.
  • Experts say open banking is the way to go.
Shehzil Zahid | May 11, 2021
New banks

‘Our sweet spot is healthcare’: Laurel Road for Doctors takes niching down one step forward

  • The demand for personalized digital banking products is booming.
  • And with that, companies like Laurel Road and KeyBank may need to figure out a way to become niche ninjas.
Rivka Abramson | May 10, 2021
New banks

Challenger bank Fortú targets Latinos in the U.S.

  • Fortú serves the underbanked and unbanked Latino communities in the U.S.
  • The digital bank uses the Galileo payments platform.
Ismail Umar | May 06, 2021
New banks

As gig work tops $1 trillion in the U.S, workers demand more real time payouts

  • Pandemic related loss of income has spurred an increased interest in gig economy work.
  • Branch and Marqeta’s report shows that 94 percent of gig workers associate faster payouts with financial security.
Rimal Farrukh | May 05, 2021
More Articles