JAKARTA - The Formula One Grid is entering the 2024 season with a new look and new support. Today, the Red Bull F1 and Visa Teams (NYSE: V) announced a new multi-year breakthrough agreement, in which Visa will become the first global partner for both Red Bull F1 teams, presenting a new look on the F1 grid in the form of the Visa Cash App RB, previously known as Scuderia AlphaTauri.
This agreement is Visa's move to become the main sponsor on a global scale for the first new sport in more than 15 years. The agreement includes the Visa Cash App RB team, a collaboration for titles that match the F1 Academy team entry, and the Oracle Red Bull Racing team. Visa logo will appear in the Oracle Red Bull Racing and Visa Cash App RB cars as well as F1 Academy participating cars from each team.
"This is an innovative partnership, and a great opportunity for the Visa brand to support one of the fastest growing sports communities in the world," said Frank Cooper III, Visa's Chief Marketing Officer, Tuesday, January 29.
"This alliance is very much in line with Visa's vision to inspire everyone to'successfully', struggling to walk step by step towards an increase every day in every race or event," he added.
Cash App RB Visa Competes Towards The Future
Racers Visa Cash App RB, Yuki Tsunoda from Japan and Daniel Ricciardo from Australia, will use a new car and driver equipment design inspired by Visa and Cash App when the 2024 F1 racing series begins in Bahrain on February 29. The inauguration of the car pattern design will be held at a special event in Las Vegas on February 8.
In addition to the huge impact branding opportunity with Visa Cash App RB, the two companies are committed to pushing the team to be the best on the circuit and providing cardholders with the opportunity to be closer to racing through various team activities, including behind-the-scenes access, meet & greet with riders, merchandise, and various conveniences while watching the race.
"It feels great to be able to show a new identity and welcome new partners when we start the next phase of the Formula 1 team's story," said Peter Bayer, Chief Executive Officer of the Visa Cash App RB team.
"Faenza is entering a new era in the world of racing, while remaining loyal to our roots as home to talented racers, and now with more focus on fighting for the Main prize in F1. We have a bold vision for the team led by me and Team Principal, Laurent Mekies. The presence of future-focused partners like Visa and Cash App with us on this journey is very interesting," he added.
Fighting For Equality In Motor Sports
Visa has long been committed to women's empowerment and economic progress through sponsorship. As a continuation of this commitment, Visa and Cash App will join Red Bull to support the Visa Cash App RB in the F1 Academy series. This series, which is only followed by women, will take place on the seven selected F1 trajectories in the same week as the F1 race. The design of the associated pattern will also be launched at a special event in February.
"As Visa and Red Bull's longtime partner, we are excited to be able to start this journey. The Cash App RB and Cash App teams are dedicated to connecting people and communities, and there is no better unifying tool than sport. With the continued growth of Formula One in the United States, this sponsorship allows us to deepen our relationship with Formula One fans and expand Cash App's commitment to supporting and growing the F1 fandom culture in the United States while offering our customers more value. We have a history of creating new talents and hope to also be known as sponsors of the team developing new amazing racers, "explained Catherine Ferdon, Head of Brand, Cash App.
The birth of the Visa Cash App RB is a very important moment, said Oliver Hughes, Chief Marketing Officer at Red Bull Technology. According to him, this new identity is not just a name change, but rather the beginning of a thrilling new journey and is designed to take this team to a higher level of competitiveness. This is demonstrated by the presence of one of the world's most iconic brands in the name of this team as the main partner.
"Like this team, Visa is also focused on the future, expanding its core business to become a global pioneer in the development of digital financial services for anyone, anywhere. In line with its commitment to future finance, Cash App joins the team as the main partner and one of the most downloaded financial applications. The team's new identity as Visa Cash App RB marks a future where this team will be at the forefront of racing every weekend," Oliver said.
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