Revolut speeds up US expansion with Mastercard deal
Fintech disrupter will triple American workforce after picking payments giant over Visa rival
British financial technology firm Revolut has struck a deal with payments giant Mastercard to expand into the US.
Under a new partnership, Mastercard will issue the fintech disrupter’s debit cards in America. All of its US cards and at least half of its European cards will have Mastercard branding. The company plans to triple its US workforce to 90 employees from 30.
Speaking to CNBC Revolut CEO Nik Storonsky said: “When we were trying to launch in the US two years ago, Mastercard became our first offer for it.”
He added that Mastercard has “great tech and great infrastructure”. Revolut will incorporate some of this technology under the deal, including a platform that enables direct payments from one card to another.
A few weeks ago Revolut struck a deal with Mastercard’s biggest rival, Visa that focused on expansion outside Europe and America. Visa will carry 75 per cent of Revolut cards beyond Europe and help it to hire an additional 3,500 people by the summer of 2020.
Started only four years ago, Revolut is valued at $1.7bn, but it not yet profitable. Losses doubled in 2018 to £32.8m ($42.6m).