Revolut to use Visa tech to reach new markets
Digital financial services provider Revolut is expanding a partnership with Visa that will allow it to nearly double its global footprint by adding 24 new markets, including the U.S.
Primarily using Visa cards and its network, London-based Revolut will bring its mobile-based services to a total of 56 markets. Focusing on personal financial management, Revolut provides consumers with currency exchange, budgeting and person-to-person payments capabilities.
Revolut will launch initially in Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore, and the U.S., followed by Argentina, Chile, Colombia, Hong Kong, India, Indonesia, Korea, Malaysia, Mexico, Philippines, Saudi Arabia, South Africa, Taiwan, Thailand, Ukraine and Vietnam.
"Revolut has made great strides in delivering innovative and unique experiences to consumers in Europe," Jack Forestell, chief product officer at Visa, said in a Monday press release.
With Visa accepted at nearly 54 million merchant locations across more than 200 countries, the network has "the scale, experience and expertise to help fintechs like Revolut go global," Forestell added.
Visa and Revolut have been partners for four years, as Revolut first began issuing issuing Visa cards to its digital banking customers across Europe in 2017.
The partnership provides for the use of Visa Direct for faster payments, Visa's suite of B2B payments software for small and medium-size businesses, and the card brand's social impact programs to bring digital payments to unbanked consumers.
"The new global agreement with Visa is timely for Revolut as we move into a number of new markets to offer even more customers the control, flexibility and innovative features that our European customers have been benefiting from for years," Nikolay Storonsky, founder and CEO of Revolut, said in the release.
Revolut has had its eyes on the North American market for the past year. Executives discussed their hope for an initial U.S. launch back in December of last year.
Since then, Storonsky has spoken out about the dangers for fintech development and potential talent drains in the wake of U.K. Brexit talks and implications, while in turn U.K. regulators have questioned Revolut regarding compliance control as they relate to the speed of digital currency transactions and banking functions.