Revolut will start issuing cards in the US by the end of this year.
In Brief:
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The FinTech has now partnered with Mastercard as well as Visa.
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Mastercard and Revolut must partner on a minimum of 50% of cards issued by Revolut in Europe.
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Revolut cards will be accepted by all merchants where Mastercard operates – this is across 210 countries.
What does this mean?
The deal boosts Revolut’s plans for US expansion. The challenger bank will offer current accounts as well as its now famous foreign exchange rates. “Most US banks charge $10 a month for an account and $10-15 for local transfers and we’ll be offering them for free,” said CEO Nikolay Storonsky according to Reuters.
