What Is Cash App on Daniel Ricciardo’s Car? AlphaTauri’s New $10.6 Billion-Worth Sponsor’s Grand Team Rename

Since the start of the year, one team that stood out because of its rebranding is the Visa Cash App RB F1 team. Red Bull’s sister team which has gone from Toro Rosso to AlphaTauri was renamed after they struck a new deal for title sponsorship. However, there are not one but two title sponsors for the F1 team from 2024 onwards, Visa and Cash App. The two companies often work hand in hand to cater to their users. After being part of Red Bull since 2021, Cash App has taken a step further to make its name synonymous with the pinnacle of motorsport. So let’s get to know the name we will be using every time we talk about Daniel Ricciardo and/or Yuki Tsunoda.

Despite the pushback, the name is here to stay, so let’s get to know them. As we are already acquainted with Visa, the payment card services company, let’s talk about the other title sponsor, Cash App. The combined investment from both companies is said to be around $20 million. The San Francisco, California-based payment service company is born to cater to the modernization and digitization of cash. Let’s understand what they do.

Born after the popularization of money transfer and payment apps, Cash App was made to stand out from the pack. The payment service company allows its users to pay for purchases, invest in stocks, and even trade Bitcoin. Cash App provides these services on their platform using banking partners namely Lincoln Savings Bank and Sutton Bank.

Cash App also allows investing their Investing LLC which is a registered broker with the Financial Industry Regulatory Authority (FINRA). Some key features and services include:

• Money Transfer
• Cash Card: They offer a free Visa debit card linked to the user’s Cash App balance.
• Cash App Pay: Payment gateway
• Discounts
• Direct deposit: Deposit paychecks and tax returns into the Cash App account.
• Savings: The app also allows you to put money into saving
• Investing
• Bitcoin: Buying, selling, and sending and receiving Bitcoin.
• Tax filing

Through these features, Cash App, in 2023, recorded a revenue of $10.6 billion.

Read More: F1 News: “Fans Will Decide What They Call It”: Visa Cash App RB Finally Breaks Silence on Absurd Rebranding

It has been said to be a one-stop shop for all modern banking needs. However, do the Formula 1 fans care? Well, not until the partnership pays off during races. However, it seems like Cash App executives had already anticipated such a reaction during the livery launch, which is exactly why they came prepared.

Cash App executives try to save face during the VCARB 01 livery launch

The uproar from the Visa Cash App RB name reveal was loud enough to reach the ears of the people sitting at the top of these companies. So, heading to the livery launch, there was obvious hesitation regarding the fans’ reception to the car. However, the VCARB 01 changed everyone’s perspective with its stunning color scheme and resemblance to Toro Rosso’s livery.

Cash App’s head of brand marketing, Catherine Ferdon, tried to build on the livery’s goodwill to help soften the blow toward the name launch. She said, “We know that F1 fans are very discerning. So when the name was revealed, there was definitely a ton of conversation, which we were excited to see people so engaged about. But I think the name is really just to crystallize the strong partnership that we have with Visa and really put ourselves at the forefront of the sport that we really believe in. We’re glad to be front and center in the name and we think the more you see tonight and the more that the season plays out, we think it’ll really roll off the tongue.”

We’re not sure if  “it’ll really roll off the tongue,” as the season passes. However, we do see the strategic side of this investment with Visa and Cash App working hand in hand and F1’s skyrocketing popularity among America’s youth.

Let’s just hope we don’t see the entire grid turn into a list of unrelated brands from across the globe in the coming years.