A global partnership with Mastercard will see digital challenger bank Revolut issue its first US cards by the end of 2019.
Revolut will launch its cards in the US market by the end of this year following the expansion of its partnership with payments giant Mastercard.
Mastercard has worked with Revolut since the digital challenger bank launched in 2015. Revolut previously participated in Mastercard’s Start Path network accelerator programme. The announcement today (22 October) also ensures that the two businesses will partner on a minimum of 50pc of all existing and future cards Revolut issues in Europe.
“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,” said Nik Storonsky, Revolut co-founder and chief executive officer.
“Launching in the US will be a huge milestone for us and we are delighted Mastercard will be our go-to-market partner.”
Michael Miebach, chief product officer at Mastercard, added: “We are delighted that our relationship continues to grow and meet our collective global ambitions. 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.”
Last month, it was reported that a new deal between Revolut and Visa will lead to the creation of 3,500 jobs as the fintech unicorn expands into 24 global markets. At that time, the company stated that Revolut Visa cards would arrive on US shores by the end of 2019.
Revolut has also been eyeing up Ireland as the location of its next payments and technology hub, praising the country’s talent pool and existing tech ecosystem.
The company announced the appointment of ex-Ulster Bank chief Joe Heneghan as its Ireland CEO in September 2019. Heneghan will oversee the definition and implementation of Revolut’s Irish business strategy, and will also serve as an in-jurisdiction point of contact as the company progresses its electronic money license in Ireland.