Payment giants Visa and Cash App have revealed they will feature in F1 team AlphaTauri’s rebrand, becoming Visa Cash App RB.
The rebrand comes after news that payment giant Visa has signed a multi-year deal with Red Bull, which saw the firm become a global partner of both teams.
As part of the deal, the payment company has announced that its logos will be visible on both team’s cars. However, its name will only appear in the Italy-based team’s title.
The Red Bull-owned racing team has changed its name before, originally joining the grid in 2006 under the name Toro Rosso – meaning Red Bull in Italian. That was changed to AlphaTauri in 2020, to promote the company’s fashion brand.
Frank Cooper III, Chief Marketing Officer at Visa, stated: “This is a groundbreaking partnership, and a great opportunity for the Visa brand to engage one of the fastest-growing sports communities on the planet.
“This alliance resonates strongly with Visa’s vision to inspire individuals to ‘make it,’ striving to take small steps for improvement each day, during every race or event.”
Catherine Ferdon, Head of Brand at Cash App said: “Cash App is thrilled to embark on a journey with Visa and Redbull.
“The Visa Cash App RB team and Cash App are dedicated to connecting people and communities, and there’s no greater unifier than sports.
“With the continued growth of Formula One in the US, this sponsorship allows us to deepen our relationship with Formula One fans and furthers Cash App’s commitment to supporting and growing the culture of F1 fandom in the United States while offering more value to our customers.
“We have a history of elevating emerging talent and look forward to sponsoring a team known for developing incredible up-and-coming drivers.”
Last year, F1 signed a deal with American Express to make AmEx the racing competition’s official payments partner in America, showing that the organisation has a long history of successful relationships within the payments industry.
Another driving force that incited this rebrand was a change of senior leadership, following the retirement of long-time team boss Franz Tost, who is being replaced by former Ferrari Deputy Team Principal and Racing Director Laurent Mekies.
Peter Bayer, Visa Cash App RB’s Chief Executive, commented: “It’s fantastic to reveal the new identity and to welcome new partners as we embark on the next phase of the team’s Formula 1 story.”
Bayer and other senior leaders in the team hope that this rebranding will help kick-start its own individual success.
Bayer added: “Faenza (the team’s factory) is entering a new era of racing, staying true to our roots as a hothouse for talent but now with an even greater focus on competing for the biggest prizes in F1.
“We have a bold vision for the team led by myself and team principal, Laurent Mekies, and having future-focused partners such as Visa and Cash App alongside us on that journey is hugely exciting.”