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FinTechs in Europe first to take advantage of new fast-track Visa
program
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Enables simple, rapid onboarding for start-ups in as little as four
weeks
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$100m investment program will support development of European FinTech
solutions
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Visa partnering with Europe-based innovators Contis, EVRY, Jaja,
Revolut, Wirecard
AMSTERDAM--(BUSINESS WIRE)--
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.
“At Visa we are open for all players to take advantage of the reach,
capabilities and security of our global network to grow their
businesses. Our commitment is to be the most responsive and supportive
network for both emerging payment players and our existing clients and
partners.”
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 KPMG1.
Additionally, several payment platforms and FinTechs are collaborating
with Visa to create new consumer and merchant experiences, including
Contis, EVRY, Jaja, Revolut and Wirecard. [Hyperlink to company
websites]. Any FinTechs interested in working with Visa can visit www.visaeurope.com/fintech
to get in touch.
# # #
Comments from partners working with Visa to create new and simplified
commerce experiences:
Flavia Alzetta, Chief Executive Officer, Contis said: “In
a world that is being fundamentally reshaped by technology, it is
crucial that key parties pull together to remove the friction that
stifles disruption across the financial services sector. We are
delighted to partner with Visa to launch the FinTech fast-track
initiative that will fuel innovation and boost the growth of the next
generation of financial services providers.”
Christer Jonsson, SVP Card, EVRY Financial Services, said:
“FinTechs and startups are in the forefront of developing the next
generation of digital payment solutions. EVRY is delighted to
collaborate with Visa to give European FinTechs and startups easy access
to both the Visa network and EVRY´s complete service portfolio of cards
and innovative payment solutions, securing swift time to market. The
collaboration ties in well with EVRY´s plan for further European
expansion.”
Kyrre Riksen, CMO/Co-Founder, Jaja said: “Jaja is an
innovative mobile-first credit card provider with a strong focus on
simplifying the customer experience. We are working in close partnership
with Visa as we prepare for our launch later this year when we will
begin issuing Visa credit cards to UK consumers and small businesses.
Working with Visa we will be rolling out a superior service and unique
features, allowing customers to open accounts instantly, giving them
real-time access to their spending, and enabling them to share their
credit limits with others.”
Nikolay Stronosky, Founder & CEO, Revolut, said:
“Nearly two million people across Europe have already signed up to
Revolut, a number which has been steadily increasing since we began
issuing Visa cards in 2017. Having made our mark in Europe, Revolut is
now forging ahead with ambitious plans to expand into new markets in
Asia and the Americas. Visa has simplified its processes and accelerated
internal timelines in order to support Revolut to grow faster and expand
globally as we look to bring greater financial control and flexibility
to even more customers around the world.”
Susanne Steidl, Chief Product Officer, Wirecard said: “In
partnership with Visa, Wirecard is enabling FinTechs and start-ups to
develop their new commerce ideas through white label solutions and
banking as a platform. In our collaboration, we are also addressing
opportunities in new segments and markets, accelerating the adoption and
acceptance of digital payment methods, and making full use of our joint
capabilities to provide our range of customers with state-of-the-art
digital products and services. For example, Visa and Wirecard will work
on solutions to provide retailers with business analytics to help them
streamline and improve the consumer purchase experience.”
About Visa Inc.
Visa Inc. (NYSE:V) is the world’s leader in digital payments. Our
mission is to connect the world through the most innovative, reliable
and secure payment network - enabling individuals, businesses and
economies to thrive. Our advanced global processing network, VisaNet,
provides secure and reliable payments around the world, and is capable
of handling more than 65,000 transaction messages a second. The
company’s relentless focus on innovation is a catalyst for the rapid
growth of connected commerce on any device, and a driving force behind
the dream of a cashless future for everyone, everywhere. As the world
moves from analog to digital, Visa is applying our brand, products,
people, network and scale to reshape the future of commerce. For more
information, visit our website (www.visaeurope.com),
the Visa Vision blog (vision.visaeurope.com),
and @VisaEuropeNews.
1 https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2018/02/pulse_of_fintech_q4_2017.pdf
View source version on businesswire.com: https://www.businesswire.com/news/home/20180604005589/en/
Source: Visa Inc