Revolut, a digital finance app that offers crypto-currency exchange and peer-to-peer payments linked to credit cards, has inked a deal with Visa to expand its offerings in 24 new markets — including the U.S. The London-based fintech firm has an “existing collaboration” with Visa and also works with Mastercard in Europe.
The deal is a bit of slap in the face to Mastercard.
“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,” the company said in a statement. “Under the terms of the agreement, Revolut will primarily issue Visa-branded cards in the global expansion.”
Exact terms of the deal were not disclosed. But Revolut said the partnership with Visa builds “on the success of its existing agreement in Europe….Visa will enable Revolut to launch initially in Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore and the U.S., followed by Argentina, Chile, Colombia, Hong Kong, India, Indonesia, [South] Korea, Malaysia, Mexico, Philippines, Saudi Arabia, South Africa, Taiwan, Thailand, Ukraine and Vietnam.”
Nikolay Storonsky, founder and chief executive officer of Revolut, said the expanded deal with Visa brings “to life our shared vision for seamless, innovative payment experiences.”
“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,” the ceo added.
Chris Clark, regional president for Asia-Pacific at Visa, said the payments industry “is evolving rapidly in our region and it’s great to have an innovative fintech partner like Revolut expanding here. We are looking forward to leveraging the power of Visa’s global network to support Revolut as they grow their business in Asia-Pacific.”