Visa Canada has formed an alliance with accelerator and venture capital firm Plug and Play to boost the growth of the Canadian fintech market.
As founding sponsor of the collaboration, Visa will support US-based Plug and Play’s entry into Canada where, together, they will establish a platform for fintechs.
Visa has already collaborated with Plug and Play in the US, launching an ‘Inclusive Fintech Accelerator’ program that is designed to address some of the challenges faced by diverse founders in the tech industry.
The founders selected by that program have been given access to Visa products, APIs and insights.
In Canada, the alliance will see fintechs invited to “exclusive” Visa-run events, with the idea that they learn, collaborate, network and connect with new partners.
Plug and Play, which is headquartered in Silicon Valley, organises startup acceleration programs and has built an in-house VC which has invested in companies including N26, PayPal and Rappi.
“Our joint efforts with Visa will amplify the impact of fintech startups across the region in Canada,” said Saeed Amidi, founder and chief executive officer 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.”
Chris Ferron, head of digital partnerships and fintech at Visa Canada, added: “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.”