Revolut is expanding its extraordinary multi-currency banking services to the US in partnership with Mastercard
Revolut is coming to the US. The innovative fintech firm has teamed up with Mastercard, and plans to bring its extraordinarily useful multi-currency card to America.
The digital banking service has already enjoyed huge success in Europe through its existing partnerships with Mastercard and Visa. Revolut's particular strength lies in the ease with which money can be converted between currencies with not only no or very low fees but also at incredible exchange rates -- all accessible through a mobile app.
Mastercard has been a Revolut partner since it launched in 2015, and now the financial giant is ready to help the digital banking firm expand globally. The plan is to expand into the US by the end of 2019, and then Revolut will be able to reach out to the likes of Australia, Singapore, Japan, New Zealand, Brazil and Mexico.
The partnership expansion means that Revolut will be able to make use of Mastercard's Send platform. As part of the announcement comes the confirmation that the two businesses will partner on a minimum of 50 percent of all existing and future cards Revolut issue in Europe.
Revolut's CEO and founder, Nik Storonsky, says:
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. Launching in the US will be a huge milestone for us, and we are delighted Mastercard will be our go-to-market partner.
Revolut already has 8 million users who benefit from features such as the ability to create virtual cards for secure online shopping in addition to the physical cards for day-to-day use, integrated Apple Pay, support for over 150 currencies, as well as cryptocurrency support.