TORONTO, January 22, 2024 – Visa Canada has announced a new alliance with Plug and Play, one of the world’s largest accelerators and venture capital firms. As a founding sponsor, Visa will support Plug and Play’s entrance into the Canadian fintech market and together, establish a platform to enable fintechs to flourish.
The Canadian fintech industry is experiencing tremendous growth with an expected compound annual growth rate of 25% through 20291. Through this collaboration, fintechs will access the power, scale, trust, and security of Visa’s global network. They will also be invited to exclusive, interactive events where they can learn, collaborate, network, and connect with new partners to grow their business.
“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,” said Chris Ferron, head of digital partnerships and fintech, Visa Canada. “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 and make money movement easy.”
This relationship builds on Visa’s successful collaboration with Plug and Play in the U.S. which launched an Inclusive Fintech Accelerator program to help foster diversity and inclusivity in the sector by addressing some of the unique challenges faced by diverse founders in the tech industry. Founders selected to be a part of the program receive access to Visa products, APIs, and insights.
"Our joint efforts with Visa will amplify the impact of fintech startups across the region in Canada," says Saeed Amidi, Founder and CEO of Plug and Play. "Together, we will showcase our dedication to fostering innovation and supporting the growth of groundbreaking ideas within the global entrepreneurial community."
Visa’s Fintech Fast Track Program
Visa’s commitment to enhancing the payment ecosystem includes working shoulder to shoulder with fintechs through a number of programs created to support the industry, like Visa’s Fintech Fast Track Program. This initiative is designed to help fintech and crypto companies bring new payments solutions to market with speed, harnessing the reach, capabilities, and security of VisaNet, Visa's global payment network. Through the program, approved fintech startups can 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.2