Georgian neo bank Space, an app-only offshoot of FTSE 250 TBC Bank, is to expand its international footprint through a partnership agreement with Visa.
Launched in 2018 with just three employees, Space has achieved more than 400,000 downloads and 160,000 registered customers.
Structured as an autonomous business, Space provides customers with the full range of retail banking services including loans, saving products and payment cards. The business was developed from concept to launch in just eight months with the support of software-as-a-service engine Mambu.
Having copnsolidated its presence in its home market, the bank is now looking to expand to other countries focusing on CISSEE (Commonwealth of Independent States and Southeastern Europe).
Nikoloz Kurdiani, deputy CEO of TBC Bank says: “When we launched Space, we wanted to move beyond the traditional banking approach and outdated technology to create a new type of bank in Georgia that would be better at responding to modern customers’ needs. Now, we are ready to go global."
Visa says it will share knowledge, best practices and its network of technological partners with Space to help it achieve its aims.
Yevgen Lisnyak, senior director and head of strategic partnerships, fintech & ventures (Visa, CISSEE), says: “We are witnessing a rapid transformation of the financial banking sector, where new players are playing a significant role. Neobanks are agile, consumer-centric, flexible and innovative, offering modern consumers completely new financial solutions and digital banking experience. We are excited to be able to support fintechs to navigate the payments landscape in the Caucasus region to achieve their business growth and international expansion ambitions”