Visa Europe has announces the launch of Visa Europe Collab, its new international innovation hub. Working with a network of partners from across the digital and fintech ecosystem, Visa Europe Collab offers start-ups and technology entrepreneurs the insight, tools and connections to forge the technologies and services that will transform citizens’ interactions with payments.
“Visa is in a unique position to help innovators develop and scale their ideas,” says Steve
Perry, Founder and Co-Creator of Visa Europe Collab. “We have 50 years of industry expertise as well as the connections and scale offered by more than 3,000 European member banks and financial organisations.
Now, through our innovation hub, we are creating a network of partners and a community that will help us provide the mentoring, advice and experience start-ups and entrepreneurs need to get their ideas off the drawing board and into the commercial world.”
In its first year, Visa Europe Collab aims to take a minimum of 20 ideas through its unique 100-day innovation funnel, from initial scoping and qualification, through market testing and design to proof of concept. Of those completed proofs of concept, the best new validated and commercially viable services will be handed back into the main body of the Visa business where they’ll be nurtured into fully grown services that can be rolled out to Visa member banks, retailers and consumers across Europe.
Initially based in London, Visa Europe Collab will shortly open in other innovation hotspots, including Tel Aviv and Berlin. “The fintech space has never been more exciting, with everything from wearable technology to virtual reality impacting the way consumers interact with payments,” adds Perry.
“For us, this made it the ideal time to launch Collab. We believe we can provide the glue that binds myriad stakeholders, such as innovators, banks, retailers, mobile operators and government together, to grow the ecosystem and ultimately deliver the best new payments services.”