Visa Canada is partnering with Plug and Play, the venture capital and accelerator firm, by supporting its entrance into the Canadian fintech market and jointly creating a platform helping local fintechs to flourish.
Through the new collaboration with Plug and Play, fintechs in Canada will gain access to the scale, trust, and security of the Visa global network. Invited fintechs can also attend exclusive, interactive events where they can learn, collaborate, network, and connect with new partners to grow their business.
The Canadian fintech industry is currently significant growth with an expected compound annual growth rate of 25 per cent through 2029.
The new partnership builds on Visa’s previous successful collaboration with Plug and Play in the US: which saw the two organisations launch an Inclusive Fintech Accelerator programme, to help foster diversity and inclusivity in the sector by addressing some of the unique challenges faced by diverse founders in the tech industry.
Saeed Amidi, founder and CEO of Plug and Play, explained: “Our joint efforts with Visa will amplify the impact of fintech startups across the region in Canada. Together, we will showcase our dedication to fostering innovation and supporting the growth of groundbreaking ideas within the global entrepreneurial community.”
Shaping ‘the future of payments through strategic collaborations and product offering’
The partnership also aligns with Visa’s commitment to enhancing the payment ecosystem by working alongside fintechs through several programmes created to support the industry.
Chris Ferron, head of digital partnerships and fintech at Visa Canada, also gave his view on the partnership: “Fintechs spark and enable innovation – they can enhance our capabilities, help clients reach new audiences and constructively challenge us. At Visa, we embrace fintechs – large and small.
“As a leader in digital payments, we work with fintechs to shape the future of payments through strategic collaborations and product offerings that help push the boundaries of payment technology and user experiences. We look forward to working with Plug and Play to advance the mission of fintechs, as well as making money movement easy.”
Visa’s ‘Fintech Fast Track‘ programme is one example of the initiatives it offers: which was designed to help fintech and crypto companies bring new payment solutions to market – by harnessing the capabilities and security of VisaNet, Visa’s global payment network.
Through this programme, approved fintech startups can significantly strengthen global payout service offerings, expand capabilities, and gain access to Visa’s growing partner network of 4.1 billion cards and 80 million merchant locations worldwide in over 200 countries and territories.
