Visa launches $100 million venture fund; introduces fast track programme for startups

Visa in Europe has launched a $100 venture investment fund and a fast track programme for onboarding fintech startups to the network.

The focus of the fund will be on supporting start-up businesses that are innovating in the arena of open banking and those using emerging technologies that have the potential to create new secure, commerce experiences.

Visa has already made a series of fintech investments globally including Klarna, solarisBank and Payworks in Europe. 

The card scheme is also stepping up its fintech engagement activity with a fast-track initiative making it possible for start-ups to on-board to the platform in just four weeks.

Due to launch in July, the programme will initially focus upon UK-based start-ups, providing access to contactless Visa debit and prepaid cards and current accounts complete with IBAN, Faster Payments and Direct Debit functionality. The card scheme has recruited Contis as its UK partner and promises to expand the initiative across Europe in the near future.

Visa’s CEO for Europe, Charlotte Hogg, says “At Visa we are open for all players to take advantage of the reach, capabilities and security of our global network to grow their businesses. Our commitment is to be the most responsive and supportive network for both emerging payment players and our existing clients and partners.”

The firm is additionally extending its collaborative model, striking deals with a host of existing players to create new consumer and merchant experiences, including Evry, Jaja, Revolut and Wirecard. 

Nikolay Stronosky, founder & CEO, Revolut, says: “Having made our mark in Europe, Revolut is now forging ahead with ambitious plans to expand into new markets in Asia and the Americas. Visa has simplified its processes and accelerated internal timelines in order to support Revolut to grow faster and expand globally as we look to bring greater financial control and flexibility to even more customers around the world.”