Visa Europe's investment in the booming fintech startup scene is beginning to take shape, with the card scheme claiming to have established relationships with 100 entrepreneurs with fresh ideas for transforming payments in its first 100 days.
Launched in February, Visa Europe Collab set itself the challenge to take at least 20 ideas in its first year and put them through a 100-day "innovation funnel," moving from initial scoping and qualification, through market testing and design to proof of concept. The best "validated and commercially viable services" are to be handed back into the main body of the Visa business and further developed for commercial launch.
One hundred days on and the card scheme says it has now established a relationship with over 100 startups. Approximately 25 of these are now entering the hub's 100-day innovation sprint, and two have already been taken to full proof of concept stage.
The first idea to exit with flying colours was the Contactless Donations Tin, developed in partnership with Save the Children and the Charities Aid Foundation (CAF). The tins, stationed in shops and outside tube stations, enable consumers to donate funds to charity by simply tapping their Visa contactless card. Another innovation to pass through the 100-day funnel is an app developed by FlyPay for running group tabs at public houses.
Visa says its ambition is to have a minimum of five ideas exiting proof-of-concept and passed across to the main business for commercial development.