TallyKhata selected for this year’s Visa accelerator program
The accelerator programme is part of Visa’s broader set of platforms and activities for the startup community in the Asia Pacific
Visa, the world leader in digital payments, has selected digital payments start-up Tallykhata from Bangladesh for the 2022 cohort of its Visa accelerator programme in the Asia Pacific.
Joining a select group of five elite startups from across the region, TallyKhata is a leading digital payments platform with wallet and credit capabilities for small and micro-businesses in Bangladesh, reads a press release.
It will support financial inclusion by developing new ways for small businesses to access credit lines and working capital.
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 banks, merchants, government and venture partners.
TallyKhata aims to partner with leading banks in Bangladesh to issue a Visa virtual card for small business working capital to micro-merchants through the programme.
The Visa virtual card serves as a line of credit (short-term working capital loan) used by the MSME for direct payment to a list of approved suppliers / FMCG companies.
“We are super excited about being part of the Visa accelerator program 2022. We are developing innovative credit products for small businesses in collaboration with Visa and the local banks. Leveraging Visa rails and TallyKhata transaction data and credit scoring, we will enable quick and easy access to digital credit for the 11 million small businesses in Bangladesh,” said Dr Shahadat Khan, founder and CEO, TallyKhata
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“The dynamic business landscape of Bangladesh calls for exciting and innovative solutions like TallyKhata. We are excited to collaborate with them and extend Visa’s experience in the payments industry to help them design solutions that meet the needs of businesses in Bangladesh. Together, we aim to help scale the economy and accelerate the digitisation of the value chain,” said Soumya Basu, country manager - Bangladesh, Nepal and Bhutan, Visa.
“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% more fintech issued Visa credentials in the last year, and they nearly doubled their payments volume. 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.”
Visa introduced the accelerator programme in the Asia Pacific in December 2020. Designed for startups that have launched successful solutions in their home markets and are looking toward their next stage of growth, the programme is ideal for growth-stage fintech that is 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 the Asia Pacific.