Revolut says the expanded relationship with Visa will bring its bank-like product offerings to five new regions, reaching 24 new markets for a total of 56 markets globally. Under the terms of the agreement, Revolut will primarily issue Visa-branded cards in the global expansion.
Jack Forestell, chief product officer, Visa, says: “With Visa being accepted at nearly 54 million merchant locations across more than 200 countries, we have the scale, experience and expertise to help fintechs like Revolut go global.”
The agreement will see Revolut expand beyond its European stronghold and Australian outpost to open in eight new countries including Brazil, Japan, Russia and the United States by the end of this year.
Revolut will then launch in other Latin American and Asian markets next year, its chief executive and founder Nikolay Storonsky told Reuters.
“We are around 1500 people now and by summer next year we plan to be around 5000,” he told the newswire.