Fintechs are transforming the global payments ecosystem at a rapid pace, changing the way people invest, manage money, receive loans, and send real-time payments to friends and family. Given the importance of the fintech community, and Visa’s longtime commitment to digital payment innovation, Visa recently announced the expansion of its popular Fast Track program to the United States in conjunction with a large and growing network of partners.
Fast Track aims to speed up the process of integrating with Visa, to allow nimble start-ups the ability to more easily leverage the reach, capabilities, and security VisaNet, the company’s global payment network, offers, thereby helping fintechs scale more quickly.
Fast Track is possible in the U.S. thanks to collaborations with leading companies who provide services across the payments spectrum – from card issuance, to push payments integration, to Payment Card Industry (PCI) Compliance, as well as Know Your Customer (KYC) and Anti-Money Laundering (AML) support. Visa is launching Fast Track in the U.S. in collaboration with Alloy, BBVA Open Platform, Cross River Bank, Galileo, Green Dot, Marqeta, Netspend (TSYS’ Consumer Segment), Stripe, TabaPay, TSYS, Q2, and Very Good Security. Visa DPS will also support certain partners’ participation in the program.
“In markets across the world, Visa has successfully rolled out the Fast Track program, linking arms with fintechs to provide a clear path towards getting to market, leveraging Visa’s scale, security, reach and strong network of partners,” said Terry Angelos, SVP and Global Head of Fintech, Visa. “By launching Fast Track in the U.S., we are continuing our support for fintechs across the globe, with the goal of accelerating the growth of digital payments and creating better ways to move money everywhere.”
Last year, venture capital-backed fintechs raised a record $39.6 billion from investors globally, up 120% from the previous year. As part of the launch of Fast Track in the U.S., Visa is working with leading venture capital firms to automatically qualify their portfolio companies into the U.S. Fast Track program. Some of these early partners include: Andreessen Horowitz, Nyca Partners, Ribbit Capital and Trinity Ventures.
Visa’s Fast Track program, already available in Europe, Africa, the Middle East, Latin America and Asia Pacific, has successfully helped Visa propel the growth of the fintech industry around the world.
