Fintech startup Revolut partners with Visa to expand into new markets
September 30, 2019, 2:34PM EDT
1 min read
Revolut, the digital banking startup, is partnering with Visa to expand its services into 24 new markets including the U.S. and Canada, the firm announced Monday.
As part of its expansion, Revolut also plans to hire 3,500 new employees, bringing the total number of employees working for the startup to 5,000, according to a report by Reuters. Reuters also reports that the Visa partnership will "see at least 75% of all Revolut cards carry Visa branding rather than that of rivals such as Mastercard Inc." Revolut co-founder and CEO Nikolay Storonsky tells Reuters that its expansion could also "double or triple" its customer base over the next year.
“We are excited to build upon our existing collaboration with Visa, the world’s leader in digital payments, which will bring to life our shared vision for seamless, innovative payment experiences,” said Storonsky. “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.”
Revolut was founded in 2015 by Nik Storonsky and Vlad Yatsenko. The startup has raised $340 million in funding from investors, including Index Ventures, Ribbit Capital, and Balderton Capital. Revolut's services include a digital banking platform, an in-app currency exchange, and a payment service for sending cross-border transactions.