This archive report was first published on 1 October 2019.
Published on October 1, 2019, Revolut, a UK-based digital banking app, is set to expand into 24 new markets after partnering with Visa Inc.
The firm, which boasts over 8 million customers in Europe and Australia, plans to enter Brazil, Japan, Russia, and the United States by the end of this year, with further expansion into Latin American and Asian markets expected in 2020.
According to Revolut's Chief Executive Nikolay Storonsky, the expansion could lead to the firm doubling or tripling its employees in the next year, reaching almost 5,000 from the current 1,500 workers.
Under the partnership, at least 75% of all Revolut cards will carry Visa branding.
However, the expansion plans are dependent on Revolut receiving necessary regulatory approvals.
Revolut offers a range of banking services, including a prepaid debit card, currency exchange, cryptocurrency exchange, and peer-to-peer payments, through its mobile app, which supports spending and ATM withdrawals in 120 currencies and 29 currencies directly from the app.
