Revolut Taps Mastercard For Its US Card Debut

British FinTech startup Revolut is collaborating with Mastercard to help it expand into the U.S. by the end of 2019, Mastercard said in a press release on Tuesday (Oct. 22).

All of Revolut’s first debit cards in the U.S. and at least half in the U.K. will be issued with Mastercard. The payments giant has been partnering with Revolut since its 2015 launch.

“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,” said Nik Storonsky, founder and chief executive officer of Revolut.  “Launching in the U.S. will be a huge milestone for us, and we are delighted Mastercard will be our go-to-market partner.”

Revolut’s global expansion includes reaching markets in Australia, Singapore, Japan, New Zealand, Brazil and Mexico.

“Having partnered with Revolut over the last four years, we are delighted that our relationship continues to grow and meet our collective global ambitions. Revolut’s success and its speed to new markets, such as the U.S., is welcome proof of our commitment to tailoring support for FinTechs,” said Michael Miebach, chief product officer at Mastercard. “Broadening Revolut’s global reach will enable millions of more people around the world to benefit from Mastercard’s worldwide acceptance footprint and Revolut’s groundbreaking financial services.”

Revolut is also planning to leverage Mastercard’s Send platform and other new Mastercard solutions. The FinTech joined Mastercard’s award-winning program Start Path in 2016.

Mastercard partners with more than 60 digital banks and FinTechs in Europe. 

On Monday (Oct. 21) the payments giant announced a partnership with PNC Bank to pilot Payment on Delivery, a new solution allowing businesses to pay a supplier in real-time when receiving goods or services.

The solution leverages the RTP network from The Clearing House for real-time payments clearing and settlement capabilities, allowing suppliers to receive instant access to funds, as well as detailed information about the transaction.