Visa Announces Fast-Track Access to its Network
- FinTechs in Europe first to take advantage of new fast-track Visa program
- Enables simple, rapid onboarding for start-ups in as little as four weeks
- $100m investment program will support development of European FinTech solutions
- Visa partnering with Europe-based innovators Contis, EVRY, Jaja, Revolut, Wirecard
Visa (NYSE: V) today announced two new programs designed to support European FinTechs who are developing the next generation of digital payment solutions.
Starting in July, FinTech start-ups based in Europe can onboard to Visa’s global network in as little as four weeks. The new FinTech fast-track program provides rapid onboarding and reduced fees to help early stage start-ups gain access to the capabilities that lie within Visa’s global network to power their own ideas.
Additionally, Visa has launched a $100m European investment program to support the thriving FinTech ecosystem in Europe and grow its investment activity in start-ups.
Speaking at the Money 20/20 conference in Amsterdam, Visa’s CEO for Europe, Charlotte Hogg, said: “These are exciting times for payments in Europe. The introduction of new regulation, combined with dramatic changes in consumer behaviour and rapid technology developments, have transformed Europe into a region where new commerce ideas are born every day. This creates an incredible opportunity for new and existing payment companies to deliver more seamless, simple and secure payments that people demand.”
Visa’s Fast-Track Program
A key element of Visa’s FinTech engagement activity is a fast-track initiative making it possible for start-ups to on-board with Visa in just four weeks.
Visa will partner with providers to sponsor start-ups who wish to participate in the program and offer consumers and merchants new and innovative digital commerce experiences.
At launch, Visa will be working with Contis, the alternative banking, payments and processing platform provider. The program will launch in July, initially focusing upon UK-based start-ups who can register their interest now at www.visaeurope.com/fintech. Additional European markets will be added soon with a view to global expansion of the program.
Visa Investment and Partnership
Visa has also launched a $100m investment program. The focus will be on supporting start-up businesses that are innovating in the arena of open banking and those using emerging technologies that have the potential to create new secure, commerce experiences.
Visa has already made a series of FinTech investments globally including Klarna, solarisBank and Payworks in Europe. European FinTech investment totaled around $4.7 billion in 2017, according to KPMG.
Additionally, several payment platforms and FinTechs are collaborating with Visa to create new consumer and merchant experiences, including Contis, EVRY, Jaja, Revolut and Wirecard.