Digital Banking

Visa's Fast Track fintechs help with pandemic recovery

photo provided by iStock

May 8, 2020

Several fintechs that are part of Visa's Fast Track program and remain focused on helping recovery efforts post-pandemic are seeing surges as restrictions ease in various states, according to Forbes Business.

In April, digital bank Chime started testing a service that allowed customers to receive their federal stimulus checks ahead of when the government began sending out payments. Rappi, another Visa Fast Track fintech, used its platform to pilot a food robot delivery service that could accept payments. Fundation, a credit provider for small businesses, helped companies apply for the Paycheck Protection Program.

Since its launch in 2019, Visa's Fast Track fintech program has grown 280%.

"Fintechs have historically gone after new payment flows and underserved consumers and businesses," said Terry Angelos, senior vice president and global head of fintech at Visa. "We're seeing fintechs play a much bigger role in the recovery because of their focus on use cases for the underserved."