Revolut and Mastercard To Partner On US Debit Cards
Revolut, the digital challenger bank and fintech unicorn, has tied up with Mastercard for US debit cards.
Mastercard will handle Revolut’s debit cards when they launch in the US sometime within this year. Also included in today’s deal is Europe. The two businesses will partner on a minimum 50 percent of all of Revolut’s existing and future cards in Europe.
The two companies go back to the time when Revolut launched in 2015. The fintech (now a unicorn) also participated in Start Path, Mastercard’s accelerator program. This relationship served them well in Europe when they together rolled out innovative customer solutions.
Beyond Europe, the two companies will collaborate across a global expansion, including the US.
“Launching in the U.S. will be a huge milestone for us, and we are delighted Mastercard will be our go-to-market partner,” said Nik Storonsky, founder and chief executive officer, Revolut.
“Revolut’s success and its speed to new markets, such as the US, is welcome proof of our commitment to tailoring support for fintechs,” said Michael Miebach, Chief Product Officer at Mastercard.
The agreement will allow the UK fintech to leverage Mastercard’s Send platform. It will also get access to the cutting edge technology that powers its products and solutions.
Revolut having the best of both worlds?
Despite its long-standing relationship with Mastercard, Revolut recently also agreed to partner with Visa in a similar expansion move across 24 new markets. Visa is a major rival to Mastercard. However, Visa and Revolut similarly have a four-year working relationship.
Recently, Revolut was in the news for its proposed fund-raising of $1.5 billion that would catapult its valuation into the $5 – $10 billion range.
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