Visa makes latest fintech push with Banking as a Service strategic partnership folllowing Plaid deal
via AltFi
Bankable says it will aim to provide Visa’s U.S. clients, including corporate and financial institutions, with access to its real-time and “modular” banking solutions, enabling them to deploy digital banking and faster payment services.
Bankable and Visa have struck a strategic partnership to support the fintech’s firm’s global growth just weeks after the payments giant snapped up Plaid for $5.5bn.
Bankable, a “Banking as a Service” fintech, says it aims to provide Visa’s U.S. clients, including corporate and financial institutions, access to its real-time and modular banking solutions, enabling them to deploy digital banking and faster payment services.
To accommodate ongoing work in the U.S., Bankable is opening an office in New York, which is Bankable’s fourth office after London, Brussels and Dubai.
The new premises will become Bankable’s U.S. hub, allowing the company to accelerate strategic initiatives across corporations, banks and fintechs headquartered in the country. The company is planning to make a raft of new senior hires in the next few months as the NY team will shoulder London and Dubai operations.
“Our strategic partnership with Visa represents a great opportunity to further accelerate digital payments innovation in the region. Our commercial team will initially focus on B2B payments,” said Eric Mouilleron, CEO and founder of Bankable.
“As we already serve American clients, we see huge opportunities to digitally transform corporates headquartered in the U.S. as well as leading regional, community and selected global banks organized to support fintechs. We anticipate more than 50% of our revenues to come from the U.S. by 2024.”
“The financial ecosystem is evolving at rapid pace, and Bankable’s model helps financial institutions, corporates and fintechs be increasingly nimble to remain competitive,” said Terry Angelos, SVP and Global Head of Fintech, Visa. “Building on what we’ve done with Bankable in other regions, including CEMEA and Europe, we’re excited to now extend the partnership into the US.”
