Visa is launching the third call in Latin America and the Caribbean of Everywhere Initiative, one of the world’s most dynamic and cooperative innovation programs. This time, the US payment giant will focus on finding growth startups in the region with the capacity to disrupt the financial services’ industry and, especially, to accelerate commercial engagements with Visa and its clients through Pilot programs and POCs.
This novel approach of this third edition of the initiative, is based on the consolidation of the Fintech ecosystem in Latin America and the Caribbean, illustrated by numerous success stories of startups that, over the last few years, have achieved great traction and have raised significant investment rounds. Furthermore, Visa’s current position as a key ecosystem player as well as its greater proximity to startups in the region, favours the new aim of the program.
Growth Fintech startups from Latin America and the Caribbean are invited to submit their solutions through one of the three innovative briefs:
Challenge #1 – Expand Digital Payments Access and Acceptance
The majority (~80%+) of payments in LAC are still done in cash, which has a negative impact on financial inclusion, cost (i.e., managing cash is expensive), and security, among other things. Visa is looking to drive and accelerate the acceptance of digital payments across the LAC region with a particular focus on long-tail merchants (i.e., small merchants/Mom n’ Pops). Essentially, Visa is looking for companies that can help merchants (online or offline) accept digital payments. The more establishments accept Visa, the better for the ecosystem – merchants and consumers.
Segments to consider when identifying companies for Challenge #1: Merchant Services & Tools, Payment Gateways, SMB Aggregators/Solutions, etc.
Challenge #2 – Increase Visa’s Share (payment volume and number of cardholders) in the Affluent Segment
The Affluent segment is of critical importance to Visa given their above-average purchasing power and broad category spend (e.g., online, travel, etc.). Visa is looking to continuously provide a richer value proposition coupled with unrivaled safety and security. As such, Visa is looking for companies that can provide its Affluent cardholders, or Visa’s Affluent product suite, with unique benefits, capabilities, and solutions that will resonate strongly with the Affluent segment. All, while ensuring an extraordinary Visa-brand/product experience.
Segments to consider when identifying companies for Challenge #2: Loyalty, Travel/Leisure, Luxury Retail, Concierge Platforms, Personal Finance/Wealth Management, AI/ML, APIs/Open Platforms, etc.
Challenge #3 –Drive Secure Digital Commerce
Digital commerce (e.g., e-commerce) continues to grow at double-digits across LAC. As such, Visa continuously looks for ways to ensure the security of those transactions while creating a seamless payments experience for Visa cardholders. This challenge focuses on identifying companies that can provide Visa with solutions that help it improve authorization rates, reduce domestic and cross-border fraud, improve the online payments experience, reduce shopping cart abandonment, etc.
Segments to consider when identifying companies for Challenge #3: Authentication, Fraud & Security, Data/Analytics, Merchant Services & Tools, etc.
All eligible startups are invited to apply until next June the 30th, or to register to any of the Office Hours taking place in 6 different countries in the region where Visa and Finnovista teams will offer startups more information on the programs. A total of 24 startups will be selected to participate at 4 Private Workshops that will be held by the end of August Mexico City, Bogota, Sao Paulo and Buenos Aires.
“We are very excited, for the third year in a row, to be launching our Visa Everywhere Initiative (VEI) across the Latin American & Caribbean.” Says Arnoldo Reyes, Vice President of Digital Partnerships, Fintech & Ventures in the region of Visa. “As a company, we remain heavily invested in the region and look forward to engaging and supporting all entrepreneurs so we can build the future – together. The Visa Everywhere Initiative provides an excellent launchpad to kickstart our collaboration efforts and over the coming months we look forward to meeting the many amazing entrepreneurs across the region.” he states.
12 finalists will make it to the final phase, gaining the opportunity to participate at a 5 week immersion program — 4 remote, one presencial in Miami — . The program will culminate in the great final that will be held in FINNOSUMMIT Miami on December the 3rd and 4th where finalists will be invited to pitch their solutions. The winner will receive a $50,000 award, as well as the unique opportunity to collaborate with Visa on the future of payments, gain exposure to venture capitalists and Visa’s ecosystem of partners.
Since 2015, the Visa Everywhere Initiative (VEI) has provided visionary solutions for commerce and payment challenges of tomorrow. The program has activated regionally in 75 countries and awarded more than 70 leading startups with monetary prizes, mentorship and access to Visa’s clients and partners. In Latin America and the Caribbean, last year’s edition of the program awarded Culqi a Fintech startup recently purchased by the Banco de Crédito del Perú (BCP) which shows Visa Everywhere Initiative’s potential, even within smaller ecosystems such as Peru.
Will your startup win this edition? We encourage every startup interested in the program to participate by June the 30th through this link. And if you are still hesitating we invite you to get to know more about the program through the 2018 edition video.