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UK-based fintech solution provider Contishas launcheda new fast-track program aimed at helping fellow startups get off the ground. The program was launched in partnership with Visa, and allows fintechs to roll out Visa prepaid cards and banking capabilities.
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(Business Insider Intelligence)
By being part of the program, these companies can go live with a proof of concept (PoC) and access to up to 1,000 customer accounts in as little as four weeks. To launch their services, fintechs can use Contis’ banking and processing platform, as well as its application programming interface (API).
Contis provides banking services to customers directly, but allowing other companies to use its technology might be a more lucrative business. Its offering for customers directly, dubbed Freedom by Contis, is available for consumers and businesses. It allows users to sign up in 2 minutes, after which they receive a Visa contactless debit card, which is connected to Freedom’s app.
However, it seems that allowing other companies to use its tech and offer these services may be a more lucrative option for Contis, as the UK’s neobank market is getting increasingly crowded. As such, it is becoming more and more important for new players to go to market as quickly as possible. That means a number of players will likely be interested in working with Contis to launch their services at a faster pace than working alone.
Other neobank players in the UK are also turning to the B2B market. Starling went down a similar route when it expanded its Banking-as-a-Service (BaaS) offering earlier this year. The neobank's B2B customers already include banking giantRBSand German savings marketplaceRaisin.
It is likely that companies will choose to work with BaaS providers that they know have been successful providing their technology to other players, as this builds confidence. Hence, Contis offering a fast-track solution for fintechs now may help the company to establish itself as a BaaS player for banking capabilities before the market gets too crowded.
Dan Soko is a short story author and web content editor. He has work appearing or forthcoming in over a dozen venues, including GhanaScoop, Nigeria Daily News and CapitalBay. When he’s not frightening strangers with his post and writing, he’s most likely frightening his wife Mimi and their two mischievous cats: Buttons and Snaps. You can visit him at www.ghananation.com/author/webby.