Banking as a service (BaaS) startup Bankable is partnering with Visa to accelerate digital banking solutions, Bankable announced on Tuesday (Feb. 4).
The strategic collaboration will provide Visa’s U.S. clients access to Bankable’s real-time digital banking solutions and faster payments. The London headquartered FinTech is launching a New York office, Bankable’s fourth location. Aside from London, it also has offices in Brussels and Dubai.
“Our strategic partnership with Visa represents a great opportunity to further accelerate digital payments innovation in the region. Our commercial team will initially focus on B2B payments,” said Eric Mouilleron, CEO and founder of Bankable.
“As we already serve American clients, we see huge opportunities to digitally transform corporates headquartered in the U.S. as well as leading regional, community and selected global banks organized to support FinTechs,” Mouilleron said. “We anticipate more than 50 percent of our revenues to come from the U.S. by 2024.”
The New York location will become Bankable’s U.S. hub, where it is planning strategic initiatives across corporations, banks and FinTechs. The New York team will handle operations in London and Dubai.
“The financial ecosystem is evolving at a rapid pace, and Bankable’s model helps financial institutions, corporates and FinTechs be increasingly nimble to remain competitive,” said Visa SVP and Global Head of FinTech Terry Angelos. “Building on what we’ve done with Bankable in other regions, including CEMEA and Europe, we’re excited to now extend the partnership into the U.S.”
Bankable was launched in 2010 and offers money transfer solutions as white-label self-service platforms as well as via APIs. It had one round of funding in May with Visa as the sole investor.
The startup said in April that it had inked a partnership with Visa. Under the partnership, Visa members will be able to access Bankable’s platform so they can launch digital banking and real-time payment services.
Bill Gajda, global head of strategic partnerships and innovation at Visa, said at the time the deal with Bankable was another example of strategic partnerships Visa has been making to enable companies to deliver faster and better experiences to their customers.