Revolut is to launch its first debit cards in the US with Mastercard, despite striking a global agreement with Visa last month.
Revolut is one of the early success stories to emerge from Mastercard's StartPath accelerator programme in 2016. The firm now has seven million customers across Europe, about half of whom are in the UK.
Today’s announcement confirms the two businesses will partner on a minimum of 50% of all existing and future cards Revolut issue in Europe and catapult the UK app into the US market by the end of the year. The partnership will also see Revolut onboard some of Mastercard’s latest technology within its product, beginning with the card scheme's P2P money transfer offering Send.
The announcement comes just weeks after Revolut secured a global deal with Visa that would see the fintech move into 24 new markets and boost staff numbers to 3500. The global expansion will also enable Revolut to reach markets in Asia Pacific and Latin America such as: Australia, Singapore, Japan, New Zealand, Brazil and Mexico.
Nik Storonsky, founder and chief executive officer, Revolut, comments: “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.”