Skip to main content

Revolut Taps Mastercard For U.S. Launch

Revolut CEO Nikolay Storonsky
Photo by Kimberly White/Getty Images for TechCrunch

Revolut has announced a partnership with payments giant Mastercard that'll enable it launch Revolut cards in the U.S. by the end of this year. The announcement happens to occur shortly after Revolut announced it's hiring 3,500 additional staff to expand into 24 new countries, starting in Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore and the U.S. Revolut is leveraging on two well-known payments firms for its planned expansion, having previously announced an extended partnership with payments company Visa to enable it expand into new markets. With Mastercard -- a Visa competitor -- now on board, Revolut seems to be in for a good ride in the financial services scene.

Just like Visa, Mastercard has also been a Revolut partner since 2015, the year it launched. Both payments companies have enabled Revolut to build out its payments network and issue cards to customers across Europe. Revolut's new announcement is an extended agreement with Mastercard that involves both companies partnering on a "minimum of 50 percent" of all existing and future cards Revolut issues in Europe. In simple terms, a minimum of 50% of all Revolut cards issued in Europe will run on Mastercard's payments network.

Revolut's partnership with Mastercard doesn't involve only the U.S., but other markets across Asia Pacific and Latin America such as Singapore, Japan, Brazil, Mexico, New Zealand and Australia. In its early days, Revolut went through Start Path, a startup accelerator program that's run by Mastercard, so it's no surprise both companies have long been partners.

“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.” Revolut founder and CEO Nikolay Storonsky said in a statement. “Launching in the U.S. will be a huge milestone for us, and we are delighted Mastercard will be our go-to-market partner.” He said.

In the past few years, Mastercard has doubled down on partnerships with several digital banks and fintechs to boost its payments reach. The New York-headquartered payments giant is now the partner of choice for more than 60 digital payments companies, double the number of partners it had in 2017.

“...Revolut’s success and its speed to new markets, such as the US, is welcome proof of our commitment to tailoring support for fintechs. Broadening Revolut’s global reach will enable millions more people around the world to benefit from Mastercard’s worldwide acceptance footprint and Revolut’s ground breaking financial services” Mastercard Chief Product Officer Michael Miebach said in a statement.

Microsoft APAC

Comments

Most Read Posts

Epic Games Closes $1.8 Billion Round

Epic Games, the gaming studio best known for creating Fortnite, has announced that it's raised $1.8 billion in new funding that values it at $17.3 billion post-money. The funding both consisted of primary capital for Epic as well as the purchase of shares from existing shareholders in the company. The $1.8 billion figure includes $250 million in funding that recently came from Sony. Other participants include the likes of BlackRock, Fidelity, Baillie Gifford, Lightspeed Venture Partners, KKR, and hedge fund tycoon David Tepper. Even with the new funding, Epic remains controlled by its founder and CEO, Tim Sweeney.

With the new funding, Epic Games has now raised a total of about $3.4 billion in known outside funding since its inception.





Samsung Debuts Galaxy Watch 3

At this year's installment of its Galaxy Unpacked event, Samsung has debuted the Galaxy Watch 3, the second iteration of the company's iconic line of smartwatches. The new smartwatch is 14% thinner, 8% smaller, and 15% lighter compared to the original Galaxy Watch, and with physical features including the iconic rotating bezel seen in previous Galaxy Watches. Among its specifications include;

8GB internal storage and 1GB RAM360x360 AMOLED displayBluetooth/WiFi connectivity as expected andA 247mAh or 340mAh battery, depending on the version.
The Galaxy Watch 3 is available in two length types, a 41mm (with a 247mAh battery) and 45mm (with a 340 mAh battery). It'll become available in select markets beginning from tomorrow, the 6th of August, 2020.


Update [8/6/20]: we made a correction to indicate that the Galaxy Watch 3 is actually the second iteration of the Galaxy Watch rather than the third, given there was no Galaxy Watch 2.





Zomato Begins "Period Leave" For Employees

Zomato, the Indian food delivery company, has said it would begin allowing female employees to take up to 10 days of “period leave” per year, as part of efforts to tackle what it says is a stigma surrounding the issue, particularly in India. Zomato seems like the most high profile organization in India to have instituted such a policy in the country, where menstruation is still a taboo to some. “There shouldn’t be any shame or stigma attached to applying for a period leave,” Zomato's CEO, Deepinder Goyal, penned in an e-mail to the company's staff on Saturday.

Zomato is one of the best-known companies in India, currently with more than 5,000 employees. The company has come a long way from its humble beginnings in 2008 to clinching nearly $400 million in annual revenues. It's been buoyed by just shy of a billion dollars in total funding by investors such as the likes of Naspers, Delivery Hero, Shunwei Capital, and Tencent.





SpaceX And ULA Land Big US Contracts

Aerospace companies SpaceX and the United Launch Alliance (ULA) have landed big respective contracts to launch satellites into orbit for the U.S. government through this year to 2024. The contract, in particular, is the second phase of the US National Security Space Launch program, which assures access to space for U.S. government payloads. The ULA is receiving 60% of the specified contracts while SpaceX takes on the remaining 40%. Already, the U.S. Department of Defense has awarded $316 million to SpaceX and $337 million to ULA “to meet fiscal year 2022 launch dates” [implying the first half of the stipulated contracts], according to a press statement.

“This was an extremely tough decision and I appreciate the hard work industry completed to adapt their commercial launch systems to affordably and reliably meet our more stressing national security requirements,” Colonel Robert Bongiovi, director of the U.S. Space and Missile Systems Center Launch Enterprise, said in a press statement…

EA Investors Chide Executive Pay

Shareholders of gaming company Electronic Arts have profusely rejected the company's executive pay plan in a recent advisory vote, with 171 million votes cast against the pay plan for named officers against about 60 million in favor, as indicated by a regulatory filing. Such a vote marks a rare rebuke for a company of EA's caliber, with major opposition coming from proxy advisers such as Institutional Shareholder Services (ISS), which had earlier voiced concerns about a special round of stock awards for EA's top executives.

EA's top brass had previously received special stock awards for fiscal 2018 that haven't fully vested, drawing queries about the necessity for a new round of such awards. According to the ISS, EA chief executive Andrew Wilson, who pulled in $21 million in compensation last year, is paid 56% more than a median CEO peer, which “has a ratcheting effect on executive compensation.”

With the vote, EA will likely adjust its executive compensation plan…

Robinhood Scores $180 Million Q2 Revenue

As revealed by a regulatory filing, Robinhood, the stock trading company, recorded $180 million in revenue in the second quarter of this year, nearly double the $91 million that it recorded in the same quarter last year. Robinhood's revenue primarily comes from big trading firms that pay the company for order flows to then front-run their trades with the aim of earning profits usually by scrubbing some pennies off each transaction. Out of the $180 million revenue, $111 million came from options trading by Robinhood customers.

Robinhood is benefitting from a recent surge in stock market volatility as numerous more people flock to buying and selling stocks. For a hint, the company added three million funded accounts in the first four months of this year alone and recorded its three most active trading days of all time in June of this year. Other brokers such as TD Ameritrade and Etrade are also witnessing sizeable increases in revenue from order flows ($340 million in Q2, compared …

ServiceNow Readies $1.5 Billion Bond Sale

Cloud software company ServiceNow has priced a public bond offering that's intended to raise $1.5 billion to finance its operations. The Santa Clara-based company is issuing 1.4%-interest accruing senior notes that'll be due by 2030 to raise the targeted amount, which will be put towards financing its operations and also repurchasing up to $500 million in previously issued bonds that are due by 2022. Investment banks including the likes of J.P. Morgan, Goldman Sachs, Morgan Stanley, Wells Fargo, and Barclays Capital are managing the bond offering.

ServiceNow intends to complete the bond offering on the 11th of August 2020.





Xpeng Files For US IPO

Chinese electric car upstart Xpeng has filed to go public in the U.S., notably on the cusp of securing hundreds of millions of dollars in additional funding. Xpeng is looking to go public just five years after its founding and after having sold thousands of electric vehicles, including about 2,400 in July alone. Xpeng reported revenues of $328 million in 2019 and $522 million in losses in the same year. For the first six months of this year, the company brought in $142 million in sales and recorded losses of $113 million.

Currently, Xpeng sells two vehicles, the G3 SUV and the P7 sedan. The company plans to launch yet another by next year, according to its filing with the U.S. Securities and Exchanges Commission (SEC). Altogether, Xpeng has delivered 18,741 G3 vehicles and 1,966 P7 vehicles. The company's sales network covers 147 stores and service centers across 52 cities in China.

Xpeng's F-1 filing lists a placeholder amount of $100 million, a figure that's likely to c…

Nikola Secures Order For 2,500 Trucks

Nikola, the publicly-traded electric vehicle upstart, has announced that it's secured an order for 2,500 electrified refuse trucks from waste collection giant Republic Services, with an option to expand to 5,000. The orders are due to be fulfilled beginning 2023, with on-road testing planned for 2022. The new bulk order marks one of the largest ever seen in the refuse management industry and more so in the electric vehicle scene. Nikola listed on the public markets this year but hasn't sold a single vehicle yet. This has nevertheless not stopped investor hopes and optimism, with the company's current market capitalization (as of writing) hovering at $17 billion.

The order for 2,500 trucks, as well as previous orders from several companies, represents a potential juicy revenue source for Nikola. The electric refuse trucks ordered from Nikola by Republic Services is expected to offer up to 150 miles of range on a single charge. Republic Services is notably the second larges…

AmEx In Talks To Snap Up Kabbage

Financial services giant American Express is in talks to acquire Kabbage, the small business lender backed by the likes of SoftBank and BlueRun Ventures, as first reported [paywall] by Bloomberg. According to Bloomberg, AmEx could cough up as much as $850 million in cash for Kabbage in a deal that could be formalized as soon as this month. AmEx is the biggest provider of small-business credit cards in the US so scooping up a small business lender like Kabbage will help bolster its business.

Throughout its history, Kabbage, which was founded in 2008, has raised about $500 million in equity funding and even hundreds of millions more in debt funding. Investors in the company include the likes of SoftBank, BlueRun Ventures, Recruit Holdings, UPS, and Thomvest Ventures. On the heels of the coronavirus pandemic, business slowed for Kabbage, which then furloughed hundreds of employees and suspended customer credit lines as it grappled with drastic cuts in small business spending across the …