Digital payments provider Visa has launched a $100m investment program to support development of European FinTech solutions.
The company has announced two new programs, which will help European FinTechs engaged in the development of next generation digital payment solutions.
The new FinTech fast-track program will enable early stage start-ups to access Visa’s capabilities across its global network to develop their own ideas.
Via fast-track initiative, the start-ups can on-board to Visa’s global network within four weeks.
Visa will collaborate with providers to sponsor start-ups to participate in the program and offer consumers and merchants new and innovative digital commerce experiences.
The investment program will support start-up businesses that are innovating in the arena of open banking and using emerging technologies to create new secure and commerce experiences.
Visa will initially work with alternative banking, payments and processing platform provider, Contis, as part of the program.
Visa Europe CEO Charlotte Hogg said: “These are exciting times for payments in Europe. The introduction of new regulation, combined with dramatic changes in consumer behaviour and rapid technology developments, have transformed Europe into a region where new commerce ideas are born every day.
“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.”
Already, Visa has made a series of FinTech investment in Klarna, solarisBank and Payworks in Europe. As per KPMG, European FinTech investment totaled around $4.7bn in the last year.
In addition, various payment platforms and FinTechs are partnering with Visa to create new consumer and merchant experiences, including Contis, EVRY, Jaja, Revolut and Wirecard.
Contis CEO Flavia Alzetta said: “In a world that is being fundamentally reshaped by technology, it is crucial that key parties pull together to remove the friction that stifles disruption across the financial services sector.”