The countdown for the last phase of Visa’s Everywhere Initiative program starts today. As we already announced, applications for the 2018 edition of this competition organized with Finnovista closed past June the 22nd with very good results: more than 350 startups all over the region applied to be recognized as the best tech startup in Latin America and the Caribe, but only 36 semifinalists will be competing at one of the semifinals that will take place over the next few weeks and only two startups will be selected as finalists at each of the events.
Most of the applications received come from Colombia, Mexico, Brazil, Argentina, Peru, and Chile where over 90% of the Fintechs are based according to a report by Finnovista and where the semifinals will be taking place.
The 36 semifinalists come from 12 different Fintech segments. It is worth stressing that the three prevailing segments have been Payments (15 startups, 42% of the semifinalists), Enterprise Technologies for Financial Institutions (4 startups, 11% of the semifinalists), Enterprise Financial Management (also 4 startups, 11% of the semifinalists) and, Lending (3 startups, 8% of the semifinalists). Next segments in the number of semifinalists have been the Personal Financial Management segment and Savings both with 2 startups. The rest of the segments, with one semifinalist each, come from the following: Digital Commerce, ID Validation, Crowdfunding, Marketplaces, Wealth Management and Security.
Compared to the previous edition, there has been a clear increase in the number of applicants coming from Digital Commerce, Digital ID, and Insurtech. In addition, there has also been a greater geographical diversity with more applications coming from smaller markets such as Costa Rica and Peru, which demonstrates that innovation is increasingly widespread all over the region and not limited to traditional financial centers in LatAm.
When semifinals begin, next August the 21st in Bogotá, we will be able to discover these projects that will be pitching in front of an expert panel of judges including Visa’s executives and from other financial institutions and investors from the Latin American Fintech ecosystem. Only 12 startups will make it to the final phase and get the possibility of participating in a 4-day immersion program and pitch their projects at FINNOSUMMIT in Miami on October 4th and 5th, 2018. The winner will get a $50,000 prize and the unique opportunity to collaborate with Visa in transforming the future of payments and commerce, connect with VC investors and with VISA’s partners’ ecosystem.
Moreover, a special recognition will be given to the best startup with the highest potential to have an impact on financial inclusion in the region who will also be invited to a 4-day immersion program in Miami and to FINNOSUMMIT Miami.
Congratulations to all 36 semifinalists! Now is the time to get ready to pitch at the semifinals and dazzle the jury with their innovation! Which 12 startups will come with us to the final at FINNOSUMMIT Miami? Don’t forget that if you want to attend any of the semifinals of Visa’s Everywhere Initiative for free, you only have to register here. Join the events and be among the first to get to know these unique competition finalists! Click on the button of the city of interest:
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