Visa recently expanded its Visa Fintech Partner Connect program. The program helps financial institutions quickly connect with a vetted and curated set of technology providers. Initially launched in Europe, the program is now available in the U.S. and in certain markets across Asia Pacific, Central Europe, the Middle East, Africa, Latin America and the Caribbean. Visa clients can get in touch with program partners through the Visa Partner website and receive benefits such as reduced implementation fees and pricing discounts.
Terry Angelos, global head of fintech at Visa, said that global fintech investment was at about $105 billion across 2,861 deals in 2020 — more than the combined technology budgets of every bank in the U.S., including the largest banks. While banks like JPMorgan Chase and Citigroup have tech budgets close to $10 billion, the 100th largest bank probably has a tech investment that’s ‘a fraction of a fraction’ of these billion-dollar budgets.
“As a result, there’s just a lot of innovation that is being funded by venture dollars and [it’s] resulting in a lot of cool companies,” says Angelos. “And we’re trying to bring that innovation to our clients.”
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