Visa and Revolut have partnered to help Revolut expand its business globally. Leveraging Visa’s brand, scale and global acceptance footprint, Revolut will be able to bring its product offerings to five new regions, reaching 24 new markets, for a total of 56 markets globally. It also plans to hire 3,500 new employees worldwide.
Revolut offers consumers a range of digital financial services via a mobile application, including currency exchange, budgeting and person-to-person (P2P) payments, all linked to a Visa card. Under the terms of the new agreement, Revolut will primarily issue Visa-branded cards in the global expansion.
Building on the success of its existing agreement in Europe, Visa will enable Revolut to launch initially in Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore and the United States, followed by Argentina, Chile, Colombia, Hong Kong, India, Indonesia, Korea, Malaysia, Mexico, Philippines, Saudi Arabia, South Africa, Taiwan, Thailand, Ukraine and Vietnam.
Visa and Revolut have built a strong partnership over the last four years. The digital banking alternative first began issuing Visa cards to its customers across Europe in July 2017. Since that time, Revolut has been able to leverage Visa’s global network and capabilities to help drive their rapid global expansion, including issuing Visa-branded cards in every major European market today.
Flexible, Customized and Seamless Banking Services
Revolut customers can receive instant spending notifications, monthly spending breakouts and budgets by individual categories. The option to complement the existing Revolut app with Visa APIs, including Visa Token Service and Payments Attribute Account Inquiry, and Visa prepaid and debit cards, will offer the security and speed consumers expect when they use their Visa.
Seamless, Low-Cost Currency Exchange
As one of the most affordable options, Revolut customers can spend globally in over 150 currencies and hold and exchange up to 29 currencies and cryptocurrencies – including bitcoin, the Canadian Dollar, U.S Dollar, Mexican Peso, British Pounds and Euros – directly in the app using the interbank exchange rate.
With the tap of a button, consumers can instantly send and request money for free and split the bill at restaurants and bars with any Revolut customer globally.
The Visa and Revolut global deal builds on Visa’s long-term commitment to fintechs and bolsters the company’s strategic business priorities, including:
- Visa Direct, Visa’s platform that enables faster payments to over a billion financial accounts worldwide
- Visa’s suite of B2B payments solutions for small and medium businesses and global enterprises
- Visa’s ongoing commitment to bringing digital payment options to the unbanked via social impact programs
To date, Revolut has raised approximately $340 million in investments, from notable venture capital firms including Index Ventures, Ribbit Capital, Balderton Capital and DST Global.