FinTech News

Visa Announces Expansion of FinTech Fast Track Program

by Kyle BurbankDec 18, 2023

Visa has announced some updates to its FinTech Fast Track program for startups.

About the expansion:

This week, Visa revealed that it would expand its FinTech Fast Track program, taking it beyond card issuance. Now, participants will also have access to Visa Direct — a “real-time money movement platform.” On top of that, the company will increase support for Fast Track startups via Visa Consulting & Analytics.

With access to Visa Direct, FinTechs will be able to launch features allowing customers to transfer funds to eligible cards, bank accounts, etc.. The service also supports P2P payments, payouts to individuals or businesses, refund capabilities, and more. Visa notes that its network currently includes more than 8.5 billion endpoint capabilities and consists of over 3 billion cards.

Elsewhere, Fast Track participants will have the opportunity to work with Visa Consulting & Analytics, which is designed to help early-stage FinTechs grow. Plus, the program will now enable startups to as much as $100,000 in Amazon Web Services Activate credits.

About Visa FinTech Fast Track:

The Visa FinTech Fast Track program made its U.S. debut in 2019. Through the program, eligible startups gain access to Visa’s resources, including the ability to create their own card products that operate on the Visa network. According to Visa, 42 North American clients have joined the Fast Track program in just the past year.

What they’re saying:

Discussing the success of the FinTech Fast Track program and the current expansion, Visa’s SVP of Global Head of Innovation and Digital Partnership Vanessa Colella said, “FinTechs are a vital growth engine for the payments industry, and Visa is committed to supporting their progress. The enhanced Fast Track program offers FinTechs personalized tools and resources to innovate and excel.” Colella added, “We believe this will be a gamechanger that will catalyze new growth opportunities within this community, and further our mission to uplift everyone, everywhere.”

Speaking further on the power of the program, Colella noted, “Our portfolio of FinTech partners is diverse and continues to expand. This generation of FinTechs is addressing challenges and pain points for specific groups, professions, and online communities, and designing tools to bridge the gaps in the payment ecosystem.”

My thoughts:

At a time when many FinTech startups have been feeling the pain, this expansion from Visa is very welcomed news. Having a company like Visa back these young companies is not only extremely helpful in terms of allowing them to build out features but also gives them instant legitimacy. Personally, I’m excited to see what Fast Track participants can accomplish as a result.

Author

Kyle Burbank

Head Writer ~ Fioney

Kyle is the head writer for Fioney. He is a personal finance nerd, constantly looking for new apps and services to test and incorporate into his own financial game plan. In addition to his role at Fioney, he's written for other publications including Born2Invest, Lifehack, and Laughing Place, as well as his own site Money@30. He also creates personal finance and travel-related videos for Fioney's YouTube channel, which has garnered more than 2 million views. Currently, Kyle resides in Springfield, Missouri with his wife of 10 years. Together, they enjoy traveling (including visiting Disney Parks around the world), dining, and playing with their dog Rigby.

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