New Zealand payments startup Cymonz catapulted to world stage in this year’s Visa Accelerator Programme
Visa, the world leader in digital payments, has selected New Zealand payments startup Cymonz for the 2022 cohort of its Visa Accelerator Programme in Asia Pacific.
Joining a select group of five elite startups from across the region, Cymonz is an international payments and currency exchange platform, with a vision to simplify and expand money movement for banks, money service businesses and fintechs.
Over the next six months, the startups will work closely with Visa on creating defined commercial opportunities they can bring to Visa’s extensive network of bank, merchant, government and venture partners. Through the programme, Cymonz aims to develop an end-to-end payments-as-a-service platform to support banks and financial service players with currency exchange and international payments solutions.
“The team at Cymonz is very excited to be working alongside the experienced team at Visa, integrating our platform with the innovative and cost-effective Visa payment rails. The partnership will provide a highly configurable, simple to launch international payments-as-a-service platform enabling banks and financial institutions to easily stand up or upgrade their international payments offering,” said Simon Lynch, Founder & CEO, Cymonz
“Businesses in a rapidly shifting and global environment need to be able to pay and get paid quickly, efficiently and securely, yet cross-border payments remain complex and difficult for many here in New Zealand and around the world. We’re excited to collaborate with a local fintech tackling these challenges head on and to help drive innovation in the global money movement space,” said Anthony Watson, Visa’s Country Manager for New Zealand and South Pacific.
“Through the Accelerator Programme, Visa supports the startup community by giving them a leg up in one of their key challenges, which is expanding their footprint beyond their home market and into the region. Globally, nearly 30 percent more fintechs issued Visa credentials in the last year, and they nearly doubled their payments volume1. By combining Visa’s capabilities and the reach of our global network with the ingenuity of the startups, together we can create new innovative experiences at scale and bring more individuals and businesses into the digital economy.”
With the COVID-19 pandemic accelerating the world’s migration towards a digital-first future, the 2022 cohort will tackle some of the most pressing financial and technological issues that came to prominence in recent years. The four other companies located across the Asia Pacific region that will join Cymonz in the programme include:
- Moneytree, a financial data aggregation platform based in Japan and Perfios, an India-based fintech that specialises in data aggregation and analytics, will leverage the growing open data environment in Asia Pacific to drive enhanced decision making in areas such as risk and credit
- TallyKhata, a leading digital payments platform for small and micro-businesses in Bangladesh, will support financial inclusion by developing new ways for small businesses to access credit lines and working capital
- TripleA, a Singaporean startup that offers white-label crypto currency solutions, will work on new payment innovations involving the use of digital currencies and blockchain technology
Visa introduced the Accelerator Programme in Asia Pacific in December 2020. Designed for startups that have launched successful solutions in their home markets and are looking towards their next stage of growth, the programme is ideal for growth-stage fintechs that are Series A and above, have a long-term commitment to Asia Pacific growth and existing operations in the region.
The Accelerator Programme is part of Visa’s broader set of platforms and activities for the startup community in Asia Pacific. For more information, visit https://www.visa.com.sg/apaccelerator
1 Visa 4Q21 Earnings
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.