Revolut Taps Visa to Expand Its Global Market Reach
The deal opens Revolut services to 24 new markets
European fintech giant Revolut has announced a deal with Visa to expand its global reach. The firm said it will leverage Visa’s brand, scale, and global acceptance footprint to expand to five new regions. Revolut will expand into 24 new markets, bringing its global reach to 56 markets around the world. The company will also issue Visa-branded cards in its global expansion. Naturally, the deal is a blow to Mastercard.
Revolut’s global reach
The company’s services include currency exchange, budgeting and person-to-person (P2P) payments. Now, those services will link to a Visa card.
Meanwhile, the agreement will allow Revolut to now launch its products and services in Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore and the United States, followed by Argentina, Chile, Colombia, Hong Kong, India, Indonesia, Korea, Malaysia, Mexico, Philippines, Saudi Arabia, South Africa, Taiwan, Thailand, Ukraine and Vietnam.
“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 Revolut CEO Nikolay Storonsky. “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 Visa partnership
The two companies had built a partnership over the last four years.
Further, the company first started issuing Visa cards to European customers in July 2017. Since that time, Revolut has been able to leverage Visa’s global network and capabilities. Together, they have helped drive the firm’s rapid global expansion, including issuing Visa-branded cards in every major European market today.
“Revolut has made great strides in delivering innovative and unique experiences to consumers in Europe. We are thrilled to extend our relationship as [the company] looks to achieve their global growth ambitions and collectively drive increased volume on the Visa network,” said Jack Forestell, Visa’s chief product officer. “With Visa being accepted at nearly 54 million merchant locations across more than 200 countries, we have the scale, experience, and expertise to help [Fintech firms] like Revolut go global.”
Of course, this wasn’t the only Revolut news on the day.
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