The third edition of the program, Visa Everywhere Initiative, in association with Finnovista in Latin America and the Caribbean, is moving on to the next phase after selecting 24 startups out of over 190 applications to participate in 4 Collaborative Innovation Workshops (see startup list below).
During the Workshops the startups will work together with Visa employees and Visa clients on innovative solutions related to the program’s challenges. As an outcome, 12 startups will be selected as finalists to participate in the final of Visa Everywhere Initiative at FINNOSUMMIT Miami by LendIt Fintech.
In contrast to previous editions, this year’s program is based on three specific Challenges with the objective of identifying and empowering growth stage Fintech startups throughout the region and accelerating commercial engagements with Visa and its clients through pilot programs and Proof of Concept (POCs). The three challenges are:
The majority of projects submitted came from Colombia (22%), Argentina (19%), Chile (10%), Peru (10%), Mexico (10%) and Brazil (9%), showcasing the importance these initiatives have in markets where the Fintech ecosystem is still not as large in number of startups but has thriving activity. Moreover, this third edition has been noted for the maturity of the projects received, as the majority of startups are sufficiently developed to engage in collaboration projects with corporate players. It’s also important to highlight that 65% of the startups applied to Challenge 1, related to digital payments, a result that is aligned to the region’s market trends, as Payments and Remittances is the largest Fintech segment in most countries in the region.
During the last weeks of August four Collaborative Innovation Workshops will take place in Mexico City, Bogota, Buenos Aires and Sao Paulo, where selected startups, Visa employees and Visa clients (banks, merchants and digital services providers) will participate. During the Workshops all participants will work on the solutions presented to the Challenges through a methodology of Experiment Design, with the objective of developing a prototype of the Pilot Program or Proof of Concept (POC) that the startups aim to develop with Visa in the future. Three startups will be selected at each Workshop, leading to a total of 12 startup finalists that will participate in a 5 week Immersion Program and will present in the final at FINNOSUMMIT Miami by LendIt Fintech.
The selected startups for each Collaborative Innovation Workshop are the following:
Mexico City (August 20)
Bogota (August 22)
Buenos Aires (August 27)
Sao Paulo (August 29)
Once the four Workshops take place, we will discover the 12 startups that move on to the final and participate in a 5 week Immersion Program and pitch their collaboration projects at FINNOSUMMIT Miami by LendIt Fintech on December the 3rd and 4th. Stay tuned to know about the most innovative projects in the region!