Banking-as-a-service (BaaS) provider Bankable has announced collaboration with Visa.
The deal will see Bankable providing Visa’s US-based clients with access to its banking solutions, which it claims will enable them to deploy digital banking and faster payment services.
Bankable’s solutions – including e-wallets, m-wallets, remittance services, peer-to-peer (P2P) money transfers, and prepaid card programmes – are available in the form of white-label self-service platforms as well as via APIs.
The vendor is in the process of opening its fourth major office in New York, due to what it calls “ongoing work” in the country.
Visa is the sole listed investor in Bankable, having funded it during a corporate round in May 2019.
“Our strategic partnership with Visa represents a great opportunity to further accelerate digital payments innovation in the region,” says Eric Mouilleron, CEO and founder of Bankable.
“As we already serve American clients, we see huge opportunities to digitally transform corporates headquartered in the US as well as leading regional, community and selected global banks organised to support fintechs. We anticipate more than 50% of our revenues to come from the US by 2024.”
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Terry Angelos, senior vice president and global head of fintech at Visa, believes that the financial ecosystem is “evolving at a rapid pace”. He adds that Bankable’s model “helps financial institutions, corporates and fintechs become increasingly nimble to remain competitive.”
Visa announced the acquisition of API firm Plaid last month in a deal valued at $5.3 billion, roughly double the latter’s 2018 private valuation.
It has also signed a rumoured partnership with Amazon which could see shoppers paying for goods with their hands instead of credit cards.