Red Bull‘s sister team will be called Visa Cash App RB Formula One Team on a multi-year contract, including the 2024 Formula 1 season.
It closes much speculation as to their future name after their previous sponsor, AlphaTauri, departed at the end of 2023.
Visa Cash App is an American money transfer service that operates within the United States and United Kingdom. Formed in 2013, it quickly became popular and earned a reported revenue of £1.4 billion in 2021.
It offers other services such as cryptocurrency, person-to-person transfers and trading stocks and has had as many as 70 million users within a single year.
“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, CEO of the Visa Cash App RB team, in a press release.
“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.”
As part of their new agreement, the Visa Cash App brand will also appear on F1 Academy cars, the all-women racing series that replaced W Series in 2023 and aims to create a path into the upper echelons of single-seater racing. The sponsor’s logo will also appear on Red Bull‘s upcoming F1 car.
“This is a ground-breaking partnership,” said Frank Cooper III, Chief Marketing Officer for Visa in a press release. “And a great opportunity for the Visa brand to engage one of the fastest-growing sports communities on the planet.
“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.”
The new livery will be revealed on February 8, ahead of preseason testing which begins on February 21 whilst the Bahrain Grand Prix runs from February 29.
Why Visa Cash App?
There was substantial interest in sponsoring the team from companies such as Adidas along with Hugo Boss, but it was Visa Cash App who won the rights to sponsor Yuki Tsunoda and Daniel Ricciardo’s cars for the future.
For the parent company, Red Bull gmbh, the partnership was selected based on the ambition and shared strategic goals for the future instead of just picking the highest bidder to offset running costs.
“Like the team, Visa is firmly focused on the future,” Oliver Hughes, Chief Marketing Officer at Red Bull Technology, in a press release. “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.”
Why did AlphaTauri leave F1?
AlphaTauri departed as the racing team chose a new strategic direction to chase after, looking to improve sporting success and build upon 2021’s season following two tough seasons since.
It coincides with leadership changes to the team principal role as Franz Tost retired from the sport after 18 years, being replaced by Mekies who previously served as deputy team principal for Ferrari.
“The birth of Visa Cash App RB is a hugely significant moment”, Hughes added. “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.”
As the title partner bowed out, they played a video of their greatest moments in the sport together including that famous Pierre Gasly win at the 2020 Italian Grand Prix which they captioned, “4 years and countless memories. Thank you for being a part of our journey.”
The team was previously known as Toro Rosso, meaning Red Bull in Italian, where the team is from. They were called that between 2006-2019 and claimed their first victory at the 2008 Italian GP through Sebastian Vettel.
AlphaTauri’s time as a sponsor peaked at the 2020 Italian GP for the Faenza-based team, located just 175 miles away from Monza, but they also scored another podium during their time in the sport.
It came at the 2021 Azerbaijan GP after Gasly overtook Charles Leclerc for third place following a red flag caused by Max Verstappen’s crash and driver error by Lewis Hamilton when they were running first and third.