UK-based retail accelerator TrueStart has forged a strategic alliance with Visa Europe Collab to steer startups with cross-over potential to the card scheme's innovation hub for advice and mentoring.
Under the partnership, Visa Europe Collab will support TrueStart entrepreneurs working in areas relevant to payments with advice on everything from security and authentication through to integrating their prototypes within the wider ecosystem.
Selected applicants will also be chosen to go through Visa Europe Collab’s 100-day 'innovation funnel', from initial scoping and qualification, through market testing and design to proof of concept.
Visa Europe Collab joins the likes of Accenture, River Island and Land Securities in partnering with the London-based retail and consumer accelerator.
“While funding is important mentoring is vital to ensuring any entrepreneurial business can grow,” says TrueStart CEO Baz Saidieh. “Payments is a fundamental part of any retail business. Adding Visa Europe Collab to our list of partners will offer our start-ups access to unrivalled payments expertise that will be invaluable in helping their businesses to grow.”
Under the terms of the partnership, TrueStart and Visa Europe Collab will work together to identify new payments innovations, take pitch ideas from startups, and provide mentoring, investments and networking opportunities.
TrueStart, which was set up by asset management group True Capital, expects to fully invest in between 20 and 30 companies by the end of 2016.