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Revolut inks deal with Mastercard, plans to launch prepaid cards in the US this year

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Revoult Ltd, a digital banking app based in the UK, will begin issuing prepaid cards stateside later this year after striking a deal with credit card giant Mastercard Incorporated (NYSE:MA).

The deal gives the rapidly-growing fintech access to Mastercards networks, meaning Revoult cards will be accepted by merchants in the 210 countries where Mastercard operates, according to a report from Reuters.

Mastercard has been involved with Revoult since its inception in 2015. Shares of the credit card company dipped 4.8% Tuesday to $261.26.

“As a launch partner of Revolut, Mastercard has been an important contributor to our success, and todays agreement will enable us to meet our ambitious goal of offering innovative financial and payment solutions to people all over the world.” Revoult CEO Nik Storonsky said in a joint statement Tuesday. “Launching in the U.S. will be a huge milestone for us, and we are delighted Mastercard will be our go-to-market partner.”

The move comes on the heels of a deal between Revoult and Visa Inc (NYSE:V), which saw the Mastercard competitor bring in the fintech as part of its expansion plans. Together, the deals are part of Revoults plan to get an edge on traditional banks.

“Were going to ensure our product is better value for customers,” Storonsky said in an interview with Reuters. “Most U.S. banks charge $10 a month for an account and $10-$1Read More – Source