Visa Canada has announced a pivotal collaboration with Plug and Play, the renowned venture capital and accelerator firm, aimed at catalyzing the growth of the Canadian fintech market. Through this strategic alliance, Visa and Plug and Play will jointly develop a platform to nurture and empower local fintechs, providing them with unparalleled access to Visa’s global network, scale, trust, and security.
The burgeoning Canadian fintech industry, projected to experience a remarkable compound annual growth rate of 25 percent until 2029, underscores the timeliness and significance of this partnership. Fintech startups across Canada will now have the opportunity to participate in exclusive events facilitated by Visa and Plug and Play, fostering learning, collaboration, networking, and partnership-building essential for business expansion.
This collaboration builds upon the successful track record of Visa and Plug and Play’s collaboration in the United States, where they launched the Inclusive Fintech Accelerator program. This initiative aims to promote diversity and inclusivity within the tech industry by addressing the unique challenges faced by diverse founders, thereby fostering a more inclusive entrepreneurial ecosystem.
Saeed Amidi, the visionary founder and CEO of Plug and Play, expressed enthusiasm about the joint efforts, highlighting their potential to amplify the impact of fintech startups in Canada. He emphasized the shared commitment to fostering innovation and supporting groundbreaking ideas within the global entrepreneurial community.
Chris Ferron, Head of Digital Partnerships and Fintech at Visa Canada, underscored the pivotal role of fintechs in driving innovation and enhancing capabilities within the payments landscape. He emphasized Visa’s embrace of fintechs, both large and small, as valuable collaborators in shaping the future of payments through strategic partnerships and innovative product offerings.
Visa’s dedication to enhancing the payment ecosystem is exemplified through initiatives like the ‘Fintech Fast Track’ program. This program enables fintech and crypto companies to leverage VisaNet, Visa’s global payment network, to bring new payment solutions to market swiftly and securely. Approved fintech startups gain access to Visa’s expansive partner network, comprising 4.1 billion cards and 80 million merchant locations across 200 countries and territories worldwide.
As Visa and Plug and Play embark on this transformative journey, their shared vision is to advance fintech innovation, streamline money movement, and redefine the future of payments. Through strategic collaborations and unwavering commitment, they aim to empower fintechs to revolutionize the financial landscape and enhance the payment experience for consumers and businesses alike.