Visa Canada this week announced an alliance with Silicon Valley’s Plug and Play, an accelerator platform and venture capital firm with footprints in more than 50 countries across five continents.
Visa intends to support Plug and Play’s formal entrance into Canada’s financial technology market, collaborating with the organization to “establish a platform to enable fintechs to flourish,” according to a statement from the company.
“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,” says Chris Ferron, who heads digital partnerships and fintech for Visa Canada.
Plug and Play provides corporate innovation programs, offering support throughout stages, from education to execution, and organizes startup acceleration programs alongside in-house VC.
The Canadian collaboration builds on Visa’s work with Plug and Play in the U.S., where they launched an Inclusive Fintech Accelerator program to help foster diversity in the tech industry.
“We look forward to working with Plug and Play to advance the mission of fintechs and make money movement easy,” Ferron said.
Through the partnership, fintechs will “access the power, scale, trust, and security of Visa’s global network.” This will include invitations to exclusive events to learn and network with new partners.
“Our joint efforts with Visa will amplify the impact of fintech startups across the region in Canada,” stated Saeed Amidi, founder and chief executive 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,” the CEO continued.
Visa’s commitment to enhancing Canada’s payment ecosystem includes working shoulder-to-shoulder with fintechs through programs such as the company’s Fintech Fast Track Program, an initiative designed to help fintech and crypto companies bring new payments solutions to market.
“Fintechs spark and enable innovation—they can enhance our capabilities, help clients reach new audiences and constructively challenge us,” Ferron says. “At Visa, we embrace fintechs–large and small.”