Visa Canada has announced a new partnership with Plug and Play, a startup accelerator and venture capital firm.

Under the agreement, Visa will support Plug and Play’s entrance into the Canadian FinTech market and set up a platform for FinTechs.

Visa said that FinTechs will be able to use Visa’s global network to scale, while also being invited to interactive events where they can collaborate and learn from new partners.

According to the payments giant, the Canadian FinTech industry is expected to reach a compound annual growth rate of 25 per cent by 2029.

The partnership builds on a previous collaboration between the two companies in the US.

The Inclusive FinTech Accelerator programme was set up to help increase diversity and inclusivity in the sector. Founders taking part receive access to Visa products, APIs and insights.

Commenting on the news Chris Ferron, head of digital partnerships and FinTechs at Visa Canada, said that FinTechs can enable innovation, help clients reach new audiences and enhance the capabilities of financial services firms.

“As a leader in digital payments, we work with FinTechs to shape the future of payments through strategic collaborations and product offerings that help push the boundaries of payment technology and user experiences,” added Ferron. “We look forward to working with Plug and Play to advance the mission of FinTechs and make money movement easy.”

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