Visa partners with Georgian challenger bank Space
Georgian challenger Space has announced a partnership agreement with Visa which will see the bank develop new banking solutions and attempt a geographic expansion.
Space plans expansion in the Transcaucasia region
Space, launched in 2018, is a digital offshoot of compatriot institution TBC Bank. It has around 160,000 customers, and claims to be the first in the country to offer online account opening, courier card delivery and mobile-centric banking.
Through the partnership, Visa will work with Space to jointly develop “innovative, user-centric and secure banking solutions”, and help Space in its aim in expanding to other countries focusing on CISSEE (Commonwealth of Independent States and Southeastern Europe).
“When we launched Space, we wanted to move beyond the traditional banking approach and outdated technology to create a new type of bank in Georgia that would be better at responding to modern customers’ needs,” says Nikoloz Kurdiani, deputy CEO of Space.
“Now, we are ready to go global. Therefore, it is critically important for us to have gained Visa as our strategic partner. Space has proved that its innovative and ambitious vision is realistic and that it is ready to accomplish bigger goals.”
Related: Bank of Georgia launches AI-powered personal finance tool
Yevgen Lisnyak, senior director and head of strategic partnerships for fintech and ventures at Visa, adds: “Neobanks are agile, consumer-centric, flexible and innovative, offering modern consumers completely new financial solutions and digital banking experience. We are excited to be able to support fintechs to navigate the payments landscape in the Caucasus region to achieve their business growth and international expansion ambitions”
