May 7, 2020
Global Fintech Fast Track program grows 280% in less than a year, supporting women-owned Fintechs, digital currency wallets, B2B and B2C innovators
Initiatives from Fast Track alumni help provide relief for COVID-19 recovery
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 apps1, as more people manage their money from their personal devices. Visa (NYSE: V), today, is proud to announce its continued support of the global Fintech community, having grown the Fast Track program to over 140 Fintechs2. Since expanding globally in mid-2019, the Fast Track program has grown 280%3, highlighting the surge in demand for digital payments worldwide.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200507005309/en/
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. 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.
“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. In these videos, Airwallex and Rappi both talk about their experiences in working with Visa.
“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,” said Sam Graziano, chief executive officer, Fundation. “Through our partnership with Visa, we will continue to innovate and develop strategies to aid in the relief and recovery of our customers' businesses."
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:
“Right now, it’s more important than ever to help small businesses navigate through unknown financial challenges,” said David Arana, chief executive officer, Konfio. “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.”
“After recently joining Visa’s Fast Track program, we were able to quickly put our co-branded debit card into market in the United States,” said Will Reeves, chief executive officer, Fold. “By working with Visa, we are delivering on our mission to provide an easy way for shoppers to earn rewards in bitcoin for their everyday spending, and help our business continue to scale with the backing of Visa’s vast network and resources.”
For more information on Visa’s Fast Track program and how to join, visit here.
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 digital commerce on any device 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 About Visa, visa.com/blog and @VisaNews.
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