London-based digital-finance app Revolut—which offers prepaid debit cards, a crypto and stock brokerage, foreign exchange and peer-to-peer payments—will use Visa’s global network to expand into 24 new markets, including Canada and the U.S. (The Logic)
Talking point: As cash transactions decline and digital payments grow, payment companies like Revolut are catching investors’ attention; this partnership is Visa’s latest attempt to catch up on the craze. Mastercard, Visa’s biggest competitor, has been relatively quick on the uptake—it now works with 60 European fintechs, twice as many as in 2017. While Revolut is among those 60, about 75 per cent of the fintech’s business in new regions will be with Visa, said Jeni Mundy, Visa managing director for the U.K. and Ireland. For Revolut, which has seven million customers in Europe, this is a major opportunity to draw on Visa’s network of more than 3.3 billion cards and US$11.2 trillion in annual payment volume. The Canadian will put Revolut in competition with homegrown peer-to-peer lending companies like Lending Loop and Zoompass, which has also partnered with Visa.