Visa - How to PayFac - September 2023

Visa Canada and Plug and Play Partner to Support FinTechs

Visa Canada will support the entrance of accelerator and venture capital (VC) firm Plug and Play into the Canadian FinTech market.

This collaboration will enable Canadian FinTechs to access Visa’s global network; join exclusive, interactive events; and connect with new partners, the companies said in a Monday (Jan. 22) press release.

“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,” Chris Ferron, head of digital partnerships and FinTech at Visa Canada, said in the release. “We look forward to working with Plug and Play to advance the mission of FinTechs and make money movement easy.”

Plug and Play connects startups, corporations, VC firms, universities and government agencies; offers corporate innovation programs; and organizes startup acceleration programs, according to the release. The organization is headquartered in Silicon Valley and operates from more than 50 locations on five continents.

Visa is a founding sponsor of the organization, the release said.

“Our joint efforts with Visa will amplify the impact of FinTech startups across the region in Canada,” Saeed Amidi, founder and CEO of Plug and Play, said in the release. “Together, we will showcase our dedication to fostering innovation and supporting the growth of groundbreaking ideas within the global entrepreneurial community.”

The alliance of Visa and Plug and Play in Canada builds on the organizations’ collaboration in the United States, per the release. In that collaboration, they launched an Inclusive Fintech Accelerator program, which was designed for diverse founders in the tech industry and provided participants with access to Visa products, application programming interfaces (APIs) and insights.

In another effort to promote startups, Visa’s Africa FinTech Accelerator said in June that it would help 40 startups per year expand via a program centered around business growth and mentoring. FinTech startups in Africa can apply for the program during two application periods each year.

In May, Visa selected seven startups for its 2023 Visa Accelerator Program in Asia-Pacific. The Visa Accelerator Program is now in its fourth year, with previous cohorts having been selected in 2021, 2022 and 2023. Applications for its 2024 cohort are open until March 8.