FinTech News
Visa Expands FinTech Partner Connect Program to U.S. and Beyond
As FinTech becomes increasingly mainstream, Visa is now looking to facilitate even broader financial technology integrations. Following an initial launch in Europe, the company has announced it will now be expanding the FinTech Partner Connect program to the United States as well as markets in Asia, Africa, Latin America, the Caribbean, and elsewhere. The program aims to help financial institutions discover and partner with vetted FinTech firms. In doing so, these institutions can deploy new features and functions without needing to develop them in-house.
Some of the solution categories featured at launch are Account Opening; Data Aggregation, Analytics and Security; Customer Engagement and New Cardholder Services; and Operations and Compliance. Within those categories, FinTechs such as Alloy, Jumio, Argyle, FirstSource, Canopy, Hummingbird, and several others are included. Additionally, Visa is soliciting other FinTechs to join the program.
Taking a closer look at the current FinTech Partner Connect roster in the U.S., Visa includes a short description of what each startup can bring to the table. For example, they note that Extend can help make distributing virtual debit cards easier while Provenir can assist with underwriting and onboarding decisions. Also notable is that each of these firms is offering “program exclusive commercial packages for Visa clients.”
This is only the latest example of Visa embracing financial technology startups. In 2019, the company brought its Fast Track program to the States after initial runs in several other global markets. Since then, firms including Astra, Oxygen, and Ternio have joined Fast Track, making it easier for these startups to integrate with Visa. According to Visa’s site, in order to apply for the Fast Track program, FinTechs must have already closed a Series A or raised at least $1 million in funding.
In a press release announcing the FinTech Partner Connect program expansion, Visa SVP and global head of FinTech Terry Angelos stated, “In today’s climate, building a competitive financial product requires more technology than ever before. Consumers want seamless interactions across mobile and web, and they want access to a greater suite of digital banking capabilities.” Angelos continued, “We’ve assembled a community of payment and banking technology platforms to streamline the discovery and procurement process for our clients—with the ultimate goal of accelerating adoption of digital-first innovations.”
The expansion of Visa’s FinTech Partner Connect program is great news for startups and institutions alike. For the former, they’ll now have another outlet for showing their worth and finding partners. Meanwhile, institutions gain the benefit of saving time when it comes to vetting potential tools. Now that the program has launched, expect the roster to grow in the coming months as more firms jump aboard.
