SUMMARY
- AlphaTauri to take on Visa and CashApp as new title sponsors.
- VIsa was valued at over half a trillion dollars in 2022.
For the past few months, it has been reported that AlphaTauri will undergo a major rebranding. For a long time, the reports suggested that a major fashion brand would be supporting the team for the 2024 season. However, it looks like a brand from a completely different industry will be taking over as the title sponsor for the Red Bull junior team.
A few days back, the AlphaTauri Instagram handle changed their username to @visacashapprb. This indicated the name could change to Visa Cash App Racing Bulls. However, so far there has been no official confirmation of the final team name. But let’s take a look at these potential sponsors and see what they will have to offer the team for the 2024 season.
Visa will potentially be the biggest sponsor for AlphaTauri in 2024
Visa is one of the largest car payment services in the world. They are easily one of the most valuable companies in the world. They will have a lot to offer AlphaTauri in their coming seasons.
In 2022, the company was valued at $556.75 billion. This made them the 13th most valuable company in the world. It is believed that this value has grown since. In 2023 the team had a change in their CEO. It looks as though this new CEO is looking to enter Formula 1 through AlphaTauri to further improve their brand all around the world.
🚨 BREAKING: AlphaTauri has officially changed their Instagram username to “Visacashapprb”#F1 pic.twitter.com/5JJVcBk6d1
— Fastest Pitstop (@FastestPitStop) January 18, 2024
Back in 2022, Visa earned $29.31 billion in revenue. Despite the leadership change early in February, the company increased its revenue in 2023 to $32.65 billion. With their increase in revenue, they will continue to grow in the market.
Their largest competition comes from Mastercard. However, as it stands, Visa is much larger than Mastercard. Visa has generated more revenue and is valued much higher than Mastercard.
CashApp to be AlphaTauri’s second title partners
CashApp is another finance company looking to improve its brand with F1. The company was valued at $138 billion in 2022. It is once again believed that this valuation would have increased by around 10% in 2023.
The Application is largely used in the United States and the United Kingdom. The app is used for making regular online payments and even transferring Bitcoin. Given that Formula 1 is growing a lot in the UK and the US, CashApp decided to use this to its advantage.
⚠️ | Red Bull have registered the domain “https://t.co/7yTUgut1Kc” last October https://t.co/v18xM1bzTA additionally redirects to a team launch page on the website.
The domain isn’t active as of yet, but this could suggest AlphaTauri will be named Visa Cash App Racing Bulls 👀… pic.twitter.com/Ozoy64x95l
— Fastest Pitstop (@FastestPitStop) January 17, 2024
With the company sponsoring AlphaTauri, we can expect them to invest a few million dollars to help the team. It seems as though they will be the second title sponsors of the team.
Since Visa will have the capability to sponsor more due to their higher valuation and revenue, we can expect them to have a bigger influence on the car’s design. It will be interesting to see how Visa and Cashapp change the colors of the team from the 2024 season. Let’s not forget the change in their main brand as well. If the reports are true, AlphaTauri will become Racing Bulls from the 2024 season onwards.