UK-based fintech Revolut has extended its partnership with Visa in a bid to drive rapid global expansion.
With the partnership, Revolut will hire 3,500 staff and extend its product offerings to five new regions, reaching 24 new markets. The fintech will use Visa-branded cards throughout the expansion.
Nikolay Storonsky, founder and CEO of Revolut, said: “We are excited to build upon our existing collaboration with Visa. This will bring to life our shared vision for seamless, innovative payment experiences.
“The new global agreement with Visa is timely for Revolut as we move into a number of new markets to offer even more consumers the control, flexibility and innovative features that our European customers have been benefiting from for years.”
The partnership aims to enable consumers to mange their money better through P2P Payments, and flexible, customisable banking services. It will also allow low cost currency exchange in over 150 currencies.
Jack Forestell, CPO at Visa, said: “Revolut has made great strides in delivering innovative and unique experiences to consumers in Europe. We are thrilled to extend our relationship as Revolut looks to achieve their global growth ambitions.”
Forestell ensured Visa has the scale, experience and expertise to help fintechs like Revolut go global.
Reaction to the news
Ian Bradbury, CTO for financial services at Fujitsu, said: “Revolut’s global expansion is a testament to the success of the business model that challenger banks have designed to take on the leaders in banking.
“It has allowed the likes of Revolut, Monzo and Starling to evolve and improve their offerings easily, quickly and at low cost, aiming to become a full-service bank for their ever-growing customer base.
“The success of Revolut shows the impact that technology has had on the banking sector. Challenger banks continue to disrupt the world of traditional banks. So much so that our research found that 61% of leaders in the financial services industry said they have experienced radical change over the past five years.
“Technological innovation will play a critical role in the continued popularity of the disruptors in the financial services industry.”
Visa and Revolut have worked together for four years, with Revolut first issuing Visa cards across Europe in July 2017. Currently, the digital bank issues these cards in every major European market.
The new deal is part of Visa’s long-term commitment to fintechs. It will enable Revolut to launch initially in Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore and the US. Soon followed by countries in South America and Asia such as Argentina, Hong Kong and Indonesia.