Digital banking app Revolut one of the world’s fastest-growing bank account providers aims to undercut established players such as Bank of America BAC.N and JPMorgan Chase JPM.N on everything from foreign exchange to current accounts and remittances.
Revolut is set to begin issuing its cards in the United States by the end of this year via a partnership with payments company Mastercard Inc MA.N.
“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.” - founder and CEO, Nik Storonsky, commented in the press release.
According to the report, the launch of Revolut maps is scheduled for the end of 2019. The two businesses will partner on a minimum of 50 percent of all existing and future cards Revolut issue in Europe.
Also, 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.
The move to the US also sets the tone for Revolut’s other global expansion plans for this year, which will see cards issued in Australia, Brazil, Japan, Russia, Singapore, New Zealand and Canada too.