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Visa to fund fintech startups in Europe

Visa Inc. plans to fund two new programs to assist European fintech startups that are developing the next generation of digital payment solutions.

Under these programs, fintech startups based in Europe would be able to onboard to Visa's global network in four weeks, beginning in July. The new fintech fast-track program will provide rapid onboarding and reduced fees to help early-stage startups get access to the capabilities of Visa for their own ideas, according to the news release.

Visa, under the fast-track program, will be working with Contis Group Ltd., an alternative banking, payments and processing platform provider. The program will initially focus on U.K.-based startups, with additional markets to be added soon to expand the program globally.

Moreover, Visa has launched a $100 million European investment program to support the fintech ecosystem in Europe, focused on supporting startups that are innovating in the area of open banking and those using emerging technologies with the potential to create new secure commerce experiences.