Nitra Latest FinTech to Join Visa’s Fast Track Program
A spending insights platform built for healthcare professionals is getting a big boost by joining up with a major card company. This week, Nitra announced that it was the latest startup to join Visa’s Fast Track program. As a result, the company will now have access to Visa’s global payment network, VisaNet
Nitra is a FinTech offering spending management tools for private practice physicians. With the platform, clients can issue (as well as remotely lock) cards, view spending insights, upload receipts, and more. Plus, with Nitra cards, customers can earn up to 2% cashback on most purchases and up to 5% back on purchases from select vendors.
Launched in the United States in 2019, Visa FinTech Fast Track makes it easier for startups to partner with the company in order to begin issuing cards that utilize Visa’s network. To qualify for Fast Track, startups do need to have raised at least a Series A round or at least $1 million in funding. However, for those that aren’t yet ready for Fast Track, Visa also offers their Visa Everywhere Initiative which features a competition for early-stage startups, awarding prize money to winning businesses and concepts.
Sharing more of what Nitra offers and how working with Visa will help them achieve their goals, the company’s founder and CEO Jonathan Chen said in a statement, “Nitra’s role is to help doctors in private practice manage their business and save time for what matters most—their patients. The tools and expertise provided by Visa will be instrumental in delivering more value to our customers, and will enable more opportunities to spend at merchants in more places around the world.”
Additionally, Visa’s SVP and Global Head of Innovation and Digital Partnerships Vanessa Colella said of working with Nitra, “At Visa, we understand a shift to digital has impacted how money moves and what businesses need. By joining Visa’s Fintech Fast Track program, exciting Fintechs like Nitra gain unprecedented access to Visa experts, technology, and resources to efficiently scale and bring innovative solutions to market.”
For Nitra, it seems that the ability to utilize the Visa network will be a major benefit to their business. On that note, the fact that the startup is finding success by focusing on a specific niche such as private practice healthcare workers really highlights the power of FinTech and its ability to adapt to a diverse range of industries and professions. As similarly-niche startups like Nitra emerge, it’s nice to know that a program like Visa FinTech Fast Track is there for these emerging companies.