Multinational Financial Services Corporation Visa Expands Its Visa Fintech Partner Connect
Multinational Financial Services Corporation Visa Expands Its Visa Fintech Partner Connect. Visa said today it has expanded its Visa Fintech Partner Connect, a program designed to help financial institutions quickly connect with a “vetted and curated” set of technology providers.
Terry Angelos, senior vice president and global head of fintech at Visa told Tech Crunch that, “Global fintech investment last year was $105 billion. There were about 2,861 deals in venture, PE and M&A. So literally over $100 billion is going into fintech, which is more than the combined tech budgets of every bank in the U.S. As a result, a lot of innovation that is occurring in fintech is funded by venture dollars. We’re trying to bring that innovation to our clients, whether they are banks, processors or other fintechs.”
The program initially launched in Europe in November of 2020, and now is available in the U.S., Asia Pacific, Latin American and CEMEA (Central Europe, Middle East and Africa). Visa has worked to identify fintechs that can help banks and financial institutions (that are clients of Visa’s) as well as other fintechs create digital-first experiences, without the cost and complexity of building the back-end technology in-house.
“So much of fintech focus and coverage is about disrupting existing banks. Everyone is trying to disrupt everyone, including fintechs like PayPal,” Angelos told Tech Crunch. “Venture numbers are certainly very large. What we’re realizing is there is a significant opportunity to pair up a lot of venture-backed companies with our existing clients. It runs a little bit against us versus them approach you typically hear about.”
“The Fintech Connect program is about both helping to identify and curate interesting fintech companies and then create a favourable commercial partnership for our clients so they can engage with these Fintech Connect partners,” Angelos added. Visa Inc. is an American multinational financial services corporation headquartered in Foster City, California, United States. It facilitates electronic funds transfers throughout the world, most commonly through Visa-branded credit cards, debit cards and prepaid cards. Visa is one of the world’s most valuable companies.
