The Fintech engagement platform with which Visa explores collaborations and business opportunities with startups
In 2015, Visa launched the Visa Everywhere Initiative program, since then more than 7,000 startups have participated from over 100 countries around the world. Two years later, in 2017, Visa recognized they needed to have more presence amongst Fintechs in the LatAm and the Caribbean region. Therefore, with the support of Finnovista, Visa Everywhere Initiative LAC was created. Since its launch in the region, Visa Everywhere Initiative has evolved from an All-Fintech Inclusive platform that connected with all types of startups, regardless of their stage of development, into an engagement program for startups in Latin America and the Caribbean that challenges participants to solve tomorrow's payment challenges, improve their own product offerings even further, and provide visionary solutions for Visa and its vast network of partners.
Visa's goal was to position itself in the Fintech ecosystem in Latin America and the Caribbean and to identify startups with which they could pilot innovative solutions in order to help solve real business challenges.
Through Visa Everywhere Initiative LAC, Visa has achieved:
1. A stronger position as the best payments partner for Fintechs in LatAm and as one of the most innovative brands willing to connect with the ecosystem.
2. Build a flow of mature deals through partnerships and potential investments in Fintech startups in Latin America and the Caribbean.
3. Leverage the platform to drive acceptance of digital payments and accelerate economic impact by supporting SMEs.
startups
editions in LAC
of business engagement from the participants from 2017 to 2019 editions
in prizes for startups per edition
of investment raised by the finalists
Entrepreneurs and startups, the source of innovation Visa needed access to
To ensure its leadership position, Visa wanted to collaborate with projects launched by entrepreneurs in the region, through Fintech startups related to digital payments, which would cover the needs of an unbanked population and change a culture leveraged on cash payments.
Visa and Finnovista designed and implemented Visa Everywhere Initiative LAC, a global Startup Engagement Program that, successfully implemented in Latin America and the Caribbean, has positioned Visa as one of the most innovative brands in the Fintech ecosystem and helped it identify the most cutting-edge technologies and the best talent in the region.
To achieve this, Finnovista used its extensive network of entrepreneurs and startups in Latin America as well as its credibility and experience in the Fintech ecosystem. In addition, Finnovista's team of analysts conducts a thorough study of each of the startups that apply and accompanies Visa throughout the process: from the scouting and analysis of startups, interactions with the entrepreneurs and their teams and the corporate executives, to the holding of the final and decision of the judges.
A story of sustainable success with real collaborations and results that are positively impacting Latin America
Thanks to Visa Everywhere Initiative LAC, organized in collaboration with Finnovista, Visa has been able to detect and collaborate in the first four editions of the program with more than 1,500 Fintech startups in the region.
Visa Everywhere Initiative LAC is a story of sustainable success since its launch, having enabled Visa to collaborate with startups that are changing the digital payments industry in the region. This is the case of Organízame, a Chilean startup finalist in 2017, which has already launched a new application for SMEs with the collaboration of Visa, or Ubank, another VEI 2017 startup finalist associated with Visa with which it has a white-label personal financial management (PFM) solution.
In 2020, in a global environment impacted by COVID-19, the fourth edition of Visa Everywhere Initiative LAC was held for the first time in a complete virtual environment and focused on two main challenges. Participating startups were engaged to either find new solutions to boost the economic recovery of SMEs or improve urban mobility without friction. The result was the presentation of more than 300 startup applications from all over the region, representing an increase of almost 60% in participation levels compared to the previous year's edition.