Visa announces global sponsorship of Red Bull F1 racing for 2024

Visa has announced that in its first new global sports sponsorship in 15 years it will enter Formula 1 in 2024 by taking over sponsorship of Red Bull's junior racing team.

Formerly branded as Scuderia Alpha Tauri, the team (pictured, above) will now be known as Visa Cash App RB. The Visa logo will appear on both the Oracle Red Bull Racing and Visa Cash App RB cars, as well ad on the race suits worn by Visa Cash App RB drivers Yuki Tsunoda and Daniel Ricciardo.

Cash App is a financial platform that runs on iOS and Android mobile devices and allows users to send, receive, deposit, transfer and invest money.

Visa and Cash App will also be sponsoring Red Bull's all-female F1 Academy racing series that will be run on F1 weekends at 7 tracks in 2024.

Worldwide in 2023, Formula 1 viewership averaged more than 70 million per race - and with a 24-race schedule in 2024, global media rights are expected to be worth more than $1 billion.