Fintechs are transforming the global payments ecosystem at a rapid pace, changing the way people invest, manage money, receive loans, and send real-time payments to friends and family. Given the importance of the fintech community, and Visa’s longtime commitment to digital payment innovation, Visa announced the expansion of its popular Fast Track program to the United States in conjunction with a large and growing network of partners.
Fast Track aims to speed up the process of integrating with Visa, to allow nimble start-ups the ability to more easily leverage the reach, capabilities, and security VisaNet, the company’s global payment network, offers, thereby helping fintechs scale more quickly.
Fast Track is possible in the U.S. thanks to collaborations with leading companies who provide services across the payments spectrum – from card issuance, to push payments integration, to Payment Card Industry (PCI) Compliance, as well as Know Your Customer (KYC) and Anti-Money Laundering (AML) support.
Visa is launching Fast Track in the U.S. in collaboration with Alloy, BBVA Open Platform, Cross River Bank, Galileo, Green Dot, Marqeta, Netspend (TSYS’ Consumer Segment), Stripe, TabaPay, TSYS, Q2, and Very Good Security. Visa DPS will also support certain partners’ participation in the program.
“In markets across the world, Visa has successfully rolled out the Fast Track program, linking arms with fintechs to provide a clear path towards getting to market, leveraging Visa’s scale, security, reach and strong network of partners,” said Terry Angelos, SVP and Global Head of Fintech, Visa. “By launching Fast Track in the U.S., we are continuing our support for fintechs across the globe, with the goal of accelerating the growth of digital payments and creating better ways to move money everywhere.”
Last year, venture capital-backed fintechs raised a record $39.6 billion from investors globally, up 120% from the previous year.1. As part of the launch of Fast Track in the U.S., Visa is working with leading venture capital firms to automatically qualify their portfolio companies into the U.S. Fast Track program.
Visa’s Fast Track program, already available in Europe, Africa, the Middle East, Latin America and Asia Pacific, has successfully helped Visa propel the growth of the fintech industry around the world.
Visa’s Ongoing Commitment to Fintechs around the World
Fast Track is one part of a broader Visa strategy to support fintechs’ growth and development globally. In addition to Fast Track, Visa is consistently engaging with the fintech community through a variety of strategic initiatives and programs. These include:
Partnership:
Investment:
Ongoing Engagement:
Fintechs today are looking to change the way money works, solving for friction that senders and receivers of payments experience day-to-day.
„As one of the world’s original fintechs, Visa is committed to partnering with and supporting the next generation of payment innovators. Today, Visa is focused on helping fintechs bring to market new digital payment experiences across a broad spectrum of verticals including: neo-banking and acceptance, new sectors across push payments like earned wage access, money management and investments, as well as lending.”, the company said.
Comments from Venture Capital Firms:
“Speed is essential for fintech startups, particularly in the early stages. Easier access to the kind of infrastructure provided by Visa’s Fast Track program will help unlock massive amounts of innovation in the payments ecosystem,” said Schwark Satyavolu, General Partner, Trinity Ventures. “We are looking forward to introducing our companies to Visa as they continue pushing forward digital innovation in the payments landscape.”
“We see many entrepreneurs with big ideas that can add real value and solve problems in the global payments system; the problem can be the difficulty of distribution and connectivity to the essential infrastructure,” said Hans Morris, Managing Partner, Nyca Ventures. “Fast Track solves for this, enabling some of our best companies to start working with Visa right away.”
Comments from U.S. Fast Track Launch Partners:
“BBVA Open Platform is proud to be an enabler of fintech companies across the U.S., using our intuitive API platform to empower leading innovative companies to offer banking and payments services under their own brand,” said Abhishek Gupta, Head of BBVA Open Platform. “We’re thrilled to work with Visa to expand our mission of helping companies drive exponential growth and create more opportunities for consumers on top of better banking and payments services.”
“The simplicity of Galileo’s APIs gives global fintech leaders the ability to use our powerful technology platform to innovate in the banking and payments ecosystem,” said Clay Wilkes, CEO, Galileo. “Now with Visa’s Fast Track program, we are making access to this capability faster. Gig economy companies, fintechs and any businesses with payment requirements can jump in to begin issuing payment credentials, with the confidence to grow and scale a profitable business.”
“Marqeta was founded with a mission to bring modern card issuing technology to a new generation of fintech innovators badly in need of open API solutions to help them better design products to get market and reach scale faster,” said Jason Gardner, Founder and CEO of Marqeta. “Visa’s Fast Track Program is a DNA fit for us, and we applaud strongly a company of Visa’s scope and influence investing in up-and-coming entrepreneurs and technologies, especially at a time when the future of banking and payments is being constantly shaped and remade.”
“As a Fintech ourselves, we are always looking to give back and support companies with innovative solutions to help fintechs get to market fast and scale,” said Manoj Verma, Co-Founder and Chief Revenue Officer, Tabapay. “Our partnership with Visa through the Fast Track program only helps us deliver on this more.”
1 CB Insights: “Fintech Trends Report,” 2019
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
