It’s easier than ever for startups in the payments industry to compete for $100,000 in prizes
Ariel Rochwerger co-founded a fintech called Fygaro that helps SMEs in Latin America launch their online presence quickly and securely to come out on top in response to restrictions imposed due to COVID-19. Mercedes Bidart, female founder, runs Quipu marketplace in Colombia, making it easier for micro-businesses to buy and sell using tokens instead of money. While Brazilian mGrana offers microentrepreneurs access to loans that can help grow their business via a unique instant credit app.
These are just a few of the recent winners of the Visa Everywhere Initiative Latin America and the Caribbean (VEI LAC), a global competition looking for startups solving the payments and commerce challenges of tomorrow. The 2021 edition will be the most expansive yet. This year, Visa offers startups throughout Latin America and the Caribbean to join the world stage of Visa Everywhere Initiative, where they can compete for large prizes and their solutions will receive global exposure.
Recognizing Fintechs as a force for innovation is core to Visa’s business, and supporting companies across the globe who are building solutions that power seamless money movement everywhere is a top priority for Visa. Are you a startup with great products already in the market and gaining traction? Are you looking for an extra push from a global, trusted brand to scale your solution? This competition is perfect for you.
Here’s how it works. Startups can register their solution to participate in the selection process to find the finalists of Visa Everywhere Initiative in Latin America and the Caribbean. The VEI LAC winner will be invited to present their solution on the global stage and compete for the $100,000 USD in total prize money.
Global program for everyone, everywhere
Launched in 2017 in Latin America and the Caribbean, Visa Everywhere Initiative LAC has proven itself as the greatest platform to connect with Fintech startups throughout the region. Over 1,300 startups have participated in this initiative and the finalists have received a combined total of over $40 million USD in financing since participating.
In the 2021 edition, Visa and Finnovista are recruiting the 5 top startups of Latin America and the Caribbean to participate in a virtual immersion program in order to accelerate collaborations with Visa and select the first place winner in the region who will participate in the global final event of Visa Everywhere Initiative 2021, broadcasted live through TechCrunch, and will compete for the $100,000 USD in prize money.
Who should apply for the Visa Everywhere Initiative?
We are looking for creative minds who are solving the payments and commerce challenges faced by businesses of all sizes and sectors, including but not limited to:
Enabler of Digital Services and Digital Issuers
- Blockchain & Cryptocurrency
- Crowdfunding
- Banking as a Services
- BIN Sponsors
- Issuer / Processors
- Program Managers
Digital Issuance:
- Blockchain & Cryptocurrency
- Alternative Lending
- Personal Financial Management
- Money Transfer & Remittance
- Digital Banking (aka Neo Banks)
- Digital Wallets, P2P & Transfers
- Employee Benefits
- Payables
- Corporate Cards (aka expense management)
Value-Add for Merchants and/or Consumers in Finance
- Data & Analytics
- ID, Authentication & Security
- InsurTech
- Loyalty
- Merchant Services & Tools
- Process & Pay Infrastructure
- Retail Technology
- Other
SME Business Recovery
- Money Movement (disbursements, Intra-account, P2P vendor, payments)
- Acceptance (e-commerce, mobile acceptance)
- Risk Management (chargebacks, etc.)
- Brand Management (Community building, etc.)
- Other
Prizes
Four monetary prizes will be awarded during the global finals event:
- Overall Winner: $50,000 USD
- Audience Favorite: $25,000 USD
- 2nd Place: $15,000 USD
- 3rd Place: $10,000 USD
The overall winner, 2nd place-winner, and 3rd place-winner are also eligible to win the Audience Favorite prize. Additionally, the regional Latin America and Caribbean winner will also receive a $5,000 USD prize.
Visa does not ask for any equity from Visa Everywhere Initiative competitors as part of this competition.
Let’s get your startup on the world stage
The first step to bring your LAC-based startup worldwide attention, with the help of Visa and Finnovista, is to register your solution in the Visa Everywhere Initiative startup network through the application form before April 2, 2021.
Apply now to join Visa’s network of fintechs and startups
Visa Everywhere Initiative regional competitions and timeline
Latin America:
- Applications close: April 2
- Finals event: on June 23 (live-streamed on TechCrunch)
Global Finals:
- September 14