Mastercard and challenger bank Revolut announced a new partnership that will see Revolut cards enter the US market “by the end of the year.”
Acting as a continuation of the two’s aim of enabling the issuance of cards in any market around the world where Mastercard is accepted, Revolut had already partnered with Visa as part of the firm’s ambitious global plans.
Nik Storonsky, founder and chief executive officer, Revolut, commented: “As a launch partner of Revolut, Mastercard has been an important contributor to our success, and today’s agreement will enable us to meet our ambitious goal of offering innovative financial and payment solutions to people all over the world.”
“Launching in the US will be a huge milestone for us, and we are delighted Mastercard will be our go-to-market partner.”
Through the agreement, the two will partner on a “minimum of 50% of all existing and future cards Revolut issue in Europe” as well co-operating together in the US market.
Mastercard described the relationship with Revolut as a “strong partnership” having worked with the neobank since its launch in 2015 and supported it through the global payments company’s accelerator program, Start Path.
As well as launching its first solutions in the US, the partnership will also enable Revolut to reach markets in Asia Pacific and Latin America such as: Australia, Singapore, Japan, New Zealand, Brazil and Mexico.
Revolut will incorporate some of Mastercard’s latest technology within its products and solutions, to begin with it will leverage Mastercard’s Send platform.
“Having partnered with Revolut over the last four years, we are delighted that our relationship continues to grow and meet our collective global ambitions,” continued Michael Miebach, chief product officer at Mastercard.
“Revolut’s success and its speed to new markets, such as the US, is welcome proof of our commitment to tailoring support for fintechs.
“Broadening Revolut’s global reach will enable millions more people around the world to benefit from Mastercard’s worldwide acceptance footprint and Revolut’s ground breaking financial services.”