US-based payment processing firm Visa has launched two initiatives geared towards Europe-based fintech developers, including a $100m investment fund.
The vehicle will target areas such as open banking and emerging technologies that have the potential to create new secure, shopping experiences for consumers. The company has already invested in three fintechs in Europe – Klarna, SolarisBank and Payworks.
Additionally, the corporate has introduced a fast-track onboarding program that will enable fintech startups in Europe to access Visa’s global network in as little as four weeks and at reduced fees. The program will begin next month and will initially focus on the UK.
The corporate is already collaborating with alternative bank Contis, digital bank Revolut, IT services provider Evry, digital credit card provider Jaja and financial services firm Wirecard.
Flavia Alzetta, chief executive of 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.”