Fintech Revolut to launch in the U.S. by year-end with Mastercard deal

Digital banking app Revolut is set to begin issuing its cards in the United States by the end of this year via a partnership with payments company Mastercard Inc MA.N, the two companies said on Tuesday.

The announcement follows a similar deal last month where Mastercard rival Visa Inc V.N partnered with Revolut as part of its global expansion plans.

Revolut, one of the world’s fastest-growing bank account providers, aims to undercut established players such as Bank of America BAC.N and JPMorgan Chase JPM.N on everything from foreign exchange to current accounts and remittances.

“We’re going to ensure our product is better value for customers, most U.S. banks charge $10 a month for an account and $10-$15 for local transfers and we’ll be offering both for free,” Revolut chief executive and founder Nikolay Storonsky told Reuters.

“Today’s announcement confirms the two businesses will partner on a minimum of 50 percent of all existing and future cards Revolut issue in Europe,” the two companies said.

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Source: Fintech Revolut to launch in the U.S. by year-end with Mastercard deal – Reuters