Visa, the US-based financial services giant, and Pagaya, a leading international technology company, announced a strategic collaboration. The partnership will enable Visa’s merchants and issuing bank partners to expand access to credit.
The mentioned members of Visa’s expansive network will be able to use the innovative technology of Pagaya. The latest announcement from Visa came nearly 1 month after the financial services provider announced the completion of the acquisition of payments startup Currencycloud.
Pagaya develops innovative technology-driven solutions through the use of Artificial Intelligence (AI) and Machine Learning (ML). According to the fintech company, the strategic relationship with Visa will facilitate merchant partners and issuing financial institutions under the Visa network.
"This groundbreaking partnership with Visa will accelerate financial institutions’ ability to leverage our highly effective AI data-driven technology. Pagaya has demonstrated a history of delivering substantial growth for all our partners. We are committed to ensuring Visa, its merchant partners, and issuing financial institutions benefit from our ability to deliver at scale and look forward to the collaborative effort to integrate these partners in the coming months,” said Leslie Gillin, the Chief Growth Officer of Pagaya.
In the last few months, Visa has formed several partnerships to increase the adoption of technology-driven solutions in the global financial services and retail industry. In December 2021, the company announced its plan to support clients through crypto advisory services.
Business Growth
According to Jack Funda, SVP and Global Head of Merchant Sales Partnerships at Visa, the partnership with Pagaya will expand the customer base of its partners.
“Expanding access to financial tools and services is core to Visa’s purpose, uplifting everyone everywhere, and we’re excited to work with companies who bring new technologies to this challenge. Through our partnership with Pagaya, we’re providing our issuing bank clients and co-brand partners with next-generation technology to expand their customer base, boost conversion rates, increase purchasing power, and thus grow their revenue,” Funda said.
