Visa Announces Fast-Track Access to its Network and $100m Investment for European FinTechs
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
June 05, 2018 13:50 KST
AMSTERDAM--(Business Wire / Korea Newswire) June 05, 2018 -- 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 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. [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.
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