As the world continues to navigate through COVID-19 and the subsequent economic impact caused by the crisis, Visa has underlined its focus on the importance of fintech within the financial sector.
The firm underlined that the current crisis has elevated fintechs further into the spotlight, as they become an increasingly central part of the global payments ecosystem.
With sizable upticks in the usage of its apps, and as more people manage their money from their personal devices, Visa has announced its continued support of the global fintech community. This has ultimately resulted in the firm growing its Fast Track program to over 140 Fintechs.
Since expanding globally in mid-2019, the Fast Track program has grown 280%, highlighting the surge in demand for digital payments worldwide.
Terry Angelos, senior vice president and global head of Fintech, Visa commented: “Our goal is to bring cutting-edge Fintechs into the Visa ecosystem, to help them grow and scale their business in record time.
“Through programs like Fast Track, Visa is committed to helping fintechs, many of which are small businesses, advance their potential and get into the market quickly, so they are ready to provide innovations that move the world forward every day – especially in current times.”
Fast Track allows both new and established businesses to leverage the speed, security, reliability and scale of the Visa network to get up and running quickly, taking the process from months to weeks.
David Arana, chief executive officer, Konfio added: “Right now, it’s more important than ever to help small businesses navigate through unknown financial challenges.
“By working with Visa and through the Fast Track program, we have been able to offer small businesses access to financial services that they’re often not given, and provide options to SMEs who need credit lines to pay for necessities, which is especially important in today’s environment. We have also developed tools and market research to complement our financial services.”
The program provides turnkey access to Visa’s ecosystem partners, online licensing, APIs, as well as extensive go-to-market toolkits, online education and expert advice to help Fintechs scale their business. With new members from Africa, Asia Pacific, Europe, Latin America, the Middle East and North America, these Fintechs are transforming how consumers and businesses manage money, invest, receive loans and send payments worldwide.
Visa partners including Airwallex, Fundation and Rappi have used their ongoing focus on innovation and growth to be nimble in their reactions to COVID-19.
Sam Graziano, chief executive officer, Fundation emphasised: “During these challenging times, it’s more important than ever that we are able to support small businesses by getting them the funds they need as quickly as possible to stay afloat.
“Through our partnership with Visa, we will continue to innovate and develop strategies to aid in the relief and recovery of our customers’ businesses.”
Expert Analysis: The importance of mainstream banks enhancing their focus on fintechs simply can’t be understated, especially during the current climate. When banks and fintechs collaborate the results are normally beneficial for customers.
