Visa is teaming up with Georgia’s first digital neobank Space.
In particular, the firms will develop innovative banking services and expand digital banking footprints in new geographies.
Space is a startup backed by TBC Bank and was launched in 2018 with just three employees. The neobank now has over 70 employees and more than 160,000 customers.
The bank operates as an innovative banking laboratory, and has successfully introduced financial services in new formats in Georgia. These include online bank account opening, remote KYC, courier card delivery by electro scooters.
Space targets international growth
Space customers can manage all banking services through the lender’s mobile app.
The agreement enables Space to expand internationally with its ambitions focusing on CISSEE (Commonwealth of Independent States and South-eastern Europe).
“Space has the ability to transform everyday banking experiences by making them easier and better. When we launched Space, we wanted to move beyond the traditional banking approach and outdated technology. We are creating a new type of bank in Georgia better at responding to modern customers’ needs. Now, we are ready to go global,” says Nikoloz Kurdiani, Deputy CEO, TBC Bank.
He adds: “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.”
Yevgen Lisnyak, senior director and head of strategic partnerships, fintech & ventures Visa, CISSEE, adds: “At Visa we believe in the power of partnership to bring our profound experience and innovative solutions to emerging payment players like Space.
Being in the centre of Fintech ecosystem, we share our knowledge, best practices and network of technological partners with Space. This achieves achieve mutual goals in expanding the reach of digital financial services.”
Space: RBI Awards winner
At the 34th annual Retail Banker International Global Awards in London in March this year Space won the award for Bank Launch of the year.
TBC’s fintech-inspired initiative was taken from concept to launch in just eight months and is powered by Saas engine Mambu.