The Formula One grid is charging into the 2024 season with a new look and new support. Today, Red Bull F1 Teams and Visa (NYSE: V) announced an unprecedented multi-year agreement where Visa will become the first global partner of both Red Bull F1 teams, bringing a new look to the F1 grid in the form of Visa Cash App RB, formerly Scuderia AlphaTauri.
Visa’s first new major global sports sponsorship in more than 15 years, the agreement encompasses the Visa Cash App RB team, corresponding title partnership on the F1 Academy team entry and the Oracle Red Bull Racing team. The Visa logo will appear on both the Oracle Red Bull Racing and Visa Cash App RB cars as well as the F1 Academy entries from the respective teams.
“This is a groundbreaking partnership, and a great opportunity for the Visa brand to engage one of the fastest-growing sports communities on the planet,” said Frank Cooper III, Chief Marketing Officer, Visa. “This alliance resonates strongly with Visa’s vision to inspire individuals to ‘make it,’ striving to take small steps for improvement each day, during every race or event.”
Visa Cash App RB Races into the Future
Visa Cash App RB Drivers Yuki Tsunoda of Japan and Daniel Ricciardo of Australia will sport a newly designed Visa and Cash App inspired car livery and driver’s kit when the F1 2024 racing series kicks off in Bahrain on February 29. The full livery unveil will take place during a special Las Vegas event on February 8.
Beyond the high impact branding opportunities with Visa Cash App RB, the two companies are committed to both propelling the team to excellence on the grid and providing cardholders opportunities to get closer to the action through team activities including behind the scenes access, driver meet and greets, merchandise and elevated hospitality at races.
“It’s fantastic to reveal the new identity and to welcome new partners as we embark on the next phase of the team’s Formula 1 story,” said Peter Bayer, Chief Executive Officer of the newly named Visa Cash App RB team. “Faenza is entering a new era of racing, staying true to our roots as a hothouse for talent but now with an even greater focus on competing for the biggest prizes in F1. We have a bold vision for the team lead by myself and Team Principal, Laurent Mekies and having future-focused partners such as Visa and Cash App alongside us on that journey is hugely exciting.”
Championing Equality in Motor Sports
Visa has long been committed to women’s empowerment and economic advancement through sponsorship platforms. Furthering that commitment, Visa and Cash App will join Red Bull to champion Visa Cash App RB in the F1 Academy series. The all female driving series takes place at seven select F1 tracks over the same weekend as the F1 races. This livery will also be unveiled during February’s special event.
“As long-time partners of both Visa and Red Bull, we’re thrilled to embark on this journey,” said Catherine Ferdon, Head of Brand, Cash App. “The Visa Cash App RB team and Cash App are dedicated to connecting people and communities, and there’s no greater unifier than sports. With the continued growth of Formula One in the US, this sponsorship allows us to deepen our relationship with Formula One fans and furthers Cash App’s commitment to supporting and growing the culture of F1 fandom in the United States while offering more value to our customers. We have a history of elevating emerging talent and look forward to sponsoring a team known for developing incredible up-and-coming drivers.”
“The birth of Visa Cash App RB is a hugely significant moment”, said Oliver Hughes, Chief Marketing Officer at Red Bull Technology. “The new identity is not simply a name change, it’s the start of a thrilling new journey designed to take the team to new levels of competitiveness and that’s demonstrated in the presence of one of the world’s most iconic brands as the team’s title partner. But, like the team, Visa is firmly focused on the future, expanding from its world-leading position in its core business to become a global pacesetter in the development of digital financial services for everyone, everywhere. Matching that commitment to future finance, Cash App joins the team as a key partner and as one of the most downloaded finance apps. The team’s new identity as Visa Cash App RB leans into a future in which the team charges towards the front of the grid every weekend.”