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.
Fintechs are a central part of the global payments ecosystem, and amidst COVID-19 have launched further into the spotlight, reporting sizable upticks in the usage of their apps (1), as more people manage their money from their personal devices.
Visa announced its continued support of the global Fintech community, having grown the Fast Track program to over 140 Fintechs (2). Since expanding globally in mid-2019, the Fast Track program has grown 280% (3), highlighting the surge in demand for digital payments worldwide.
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.
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.
“Our goal is to bring cutting-edge Fintechs into the Visa ecosystem, to help them grow and scale their business in record time,” said Terry Angelos, senior vice president and global head of Fintech, Visa. “Through programs like Fast Track, Visa is committed to helping Fintechs, many of which are small businesses, advance their potential and get into market quickly, so they are ready to provide innovations that move the world forward everyday – especially in current times.”
Fast Track Fintechs Focus on Recovery
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. Australia-founded Airwallex has extended support to Australia and UK-based small businesses in need by offering to waive their international transactions fees and U.S.-based Fundation is helping small businesses quickly get the capital they need during these times. Rappi out of Colombia has begun piloting food delivery by robots, working to minimize the spread of the virus.
Visa welcomes a new class of innovators
The newest members of the Fast Track program span a diverse range of companies, including female-founded Fintechs, digital currency wallets, consumer-centric and business-to-business (B2B) solutions providers. Highlights include:
New Enablement Partners: Fast Track is made possible due to collaboration with enablement partners who are the critical technology companies that lay the foundation for Fintechs to build their products. Announced today, three new program manager enablement partners – Cascade FinTech, Deserve and PEX – are becoming part of Fast Track in the U.S., joining a class of leading companies like Galileo, Marqeta and Stripe, bringing the total number of enablement partners to more than 20 globally.
Female Founders: Visa is committed to the advancement of women’s economic growth. Visa’s investment in women-owned businesses is further emphasized by the inclusion of global female-founded Fintechs, Australia-founded Airwallex, and North America-based gogo Getter and Kikoff.
Digital Currency Wallets: Digital currency enabled wallets have grown exponentially, with over 139 million user accounts in existence today (4). In support of this burgeoning market, digital currency-focused Fast Track companies including Fold, Genesis Block and TrustToken are connecting their consumers to Visa’s 61 million merchant locations worldwide.
Consumer Finance Management: Across platforms, Visa aims to make the everyday management of money easier for consumers. Fast Track companies including Europe-based Lydia and Swile, Paga in Africa, SoLo Funds in the U.S., and United Arab Emirates-based Wally are among those simplifying money management and driving Fintech app adoption in their communities.
Small Business Support: Visa continues to transform the B2B payments space for the digital age. UK-based digital lender Capital on Tap, which provides credit cards and loans to over 60,000 SMBs, and U.S.-based Fundation, which provides an application processing platform for banks and small business lenders, are part of the program. Konfio, a Mexico-based startup that uses a data-first approach to enable fast credit assessment for SMBs, and Neat, a Hong Kong Fintech startup enabling SMEs to grow their business globally, are also standout members creating new B2B innovations from across the globe.
1) DeVere Group: Coronavirus lockdown: Massive surge in the use of fintech apps, March 2020
2) Visa Fast Track Global Data, May 2020
3) Visa Fast Track Global Data, May 2020
4) Cambridge Centre for Alternative Finance 2019 Global Cryptoasset benchmarking study
„Tendinţele pe care le-am remarcat înainte de începerea pandemiei s-au accelerat pe perioada stării de urgenţă. Am văzut acest lucru ca o oportunitate, un tipping point pentru bancă. Post-pandemie nu avem cum sa ne întoarcem la comportamentul financiar pe care îl aveam până în februarie a.c. Relaţia românilor cu online-ul s-a schimbat. In plus, cardul fizic se va dematerializa. Vom asista la o scădere a cererii pentru cardurile fizice, respectiv la o creştere a preferinţei pentru componenta digitală a acestora.”