Innovation continues to thrive with the emergence of many promising startups. In 2020, Payhawk was recognized as a promising fintech startup, and we were selected to participate in the Visa Innovation Program. Visa designed the program to help companies scale and has supported us on our rewarding journey to become a global organization with 300+ employees in the UK, the EEA, and the US.
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The Visa Innovation Program is a widely-recognized collaboration platform that helps startups build the next generation of fintech solutions. Since its launch, it has supported multiple startups from around the world. The program provides access to Visa's network, technology, and partnerships. It also allows startups to learn from industry experts and receive guidance from Visa executives and select investors.
Our participation in the Visa Innovation Program in 2020 was a game-changer for the company. The program gave us access to Visa's cutting-edge technology, extensive entrepreneurial network, and valuable partnerships.
Through the program, we received invaluable training from a diverse network of global fintech industry experts and investors, who helped guide the company's growth and development. This support allowed us to refine our offerings and expand our reach, ultimately leading to greater success and increased visibility within the industry.
We were selected for this program because of our cutting-edge software solution for businesses wanting intelligent expense management software that delivers world-class ERP and accounting integrations.
We also provide controls for card spending at scale, which makes it possible for other growing businesses to save time and effort as they grow. Companies can set their own spend policies, automatically reconcile card payments, and benefit from a high global acceptance rate on Visa cards.
"Payhawk's mission is to help businesses to reinvent business spend. Visa's helping us support this innovation to combine company cards and payments into one integrated experience. Being part of Visa's Innovation Programme has proved invaluable for us to be able to launch our products so fast," Hristo Borisov, CEO of Payhawk, said.
During our early days as a budding European startup, we encountered a few challenges, including regulatory hurdles, limited resources, and a highly competitive market. However, by leveraging the investment and expertise of the Visa Innovation Program, we were able to overcome these obstacles and take the business to the next level.
Through the program, we've gained access to a wealth of resources, including curated training, funding, and networking opportunities. This access has allowed us to develop new strategies, expand our network of partners and investors, and ultimately scale the business to a global level. Today, we're recognized as one of the industry's most innovative and successful all-in-one fintech solutions, with a presence in multiple countries and a rapidly growing user base.
"Payhawk has made a real transition from a small, innovative startup to now, an established expense management platform. They are recognized as one of the best expense management platforms out there," Charlotte Hogg, CEO of Visa Europe, said.
The Visa Innovation Program has been a constructive initiative that helps startups and emerging fintechs grow by providing them with the resources, funding, and expertise they need to succeed.
Through the program, selected startups like ours have built trust with their customers by providing world-class value through reliable, pain-free automated systems. We've also gained access to resources like Visa's pilot development sessions — an opportunity where we can test new technological strategies before implementing them on the market. More of these notable benefits also include:
Expanding global reach and impact
Visa has a vast network of partners and merchants across the globe, providing access to a massive consumer base and a wealth of new opportunities.
Immediate credibility and customer trust
As a trusted brand with a long history of providing reliable payment solutions, Visa is helping businesses build trust with their customers and create long-lasting relationships. The Visa brand is mostly recognized worldwide, and partnering with them gives businesses an instant boost in credibility and reputation.
Security
Visa is committed to providing secure payment solutions, ensuring businesses and consumers can conduct transactions safely and securely.
Innovation
By constantly innovating and developing new technologies and solutions, Visa is helping businesses stay ahead of the curve and adapt to changing market trends.
Support
Visa provides various support services for businesses, including marketing and promotional support, technical assistance, and access to valuable resources and insights.
The Payhawk and Visa partnership is a prime example of how effective collaboration can help fintech companies grow and scale. The future of our relationship with Visa is bright as we continue to collaborate on offering more products and services that will benefit our growing customer base.
Payhawk is already available in several countries worldwide, with plans to expand further into new regions such as Asia and Australia. As we continue to grow our customer base, we’ll also scale up operations by bringing additional developers and experts to our expanding team to help us build new user features.
Payhawk's success story is a notable reminder of the importance of innovation and transformation in today's rapidly evolving business landscape. By participating in initiatives such as the Visa Innovation Program, businesses can tap into the resources and support they need to achieve their goals, scale their company, and make a lasting impact in their industry.
The program's emphasis on collaboration is also noteworthy. By connecting startups with industry experts, investors, and other players in the fintech ecosystem, the Visa Innovation Program fosters a culture of collaboration and knowledge-sharing that can benefit the entire industry.
Our partnership with the Visa Innovation Program is a testament to the power of collaboration and the importance of fostering strong relationships between established industry leaders and up-and-coming startups. By working together, both parties can benefit from shared knowledge, expertise, and resources, leading to a brighter business outcome for all involved.
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