Visa Inc. (NYSE:V), today announced the launch of Visa’s Everywhere Initiative in Latin America and the Caribbean. The regional competition, organized in partnership with Finnovista, whose mission is to promote the development of fintech entrepreneurship, is an innovation program designed to engage with the startup community and encourage the development of the “next big thing” in payments.
Participants of the regional edition of Visa’s Everywhere Initiative will have the opportunity to compete for a prize of $50,000 and collaborate with Visa to create a trial program of their winning idea and contribute to develop the future of payments. Through this program, Visa is creating a framework for active collaboration across the region linking the fintech community with banks and merchants who are seeking to build new payment solutions. Visa’s Everywhere Initiative is currently available in North America, Europe, Asia, and now Latin America and the Caribbean.
“Around the globe, we are working in collaboration with fintech startups to continue transforming the electronic payments industry, many of whom are improving access to a wide-array of financial services to both banked and unbanked segments of the population,” said Ruben Salazar, senior vice president of products and solutions at Visa Latin America and the Caribbean. “Through Visa’s Everywhere Initiative, startups from the region will have the unique opportunity to create innovative products and services that benefit local consumers and businesses. We look forward to continue fostering innovation and working with the vibrant start up community of the region in our common quest to improve consumer experiences.”
As part of Visa’s Everywhere Initiative, fintech startups from Latin America and the Caribbean are challenged to submit business solutions that could help transform financial services in the region. The competition launches across the region on June 1, 2017. By mid-July, 50 semi-finalists will be divided into five groups of 10 startups to participate in semi-final events in the following locations:
- Mexico City, Mexico – August 24
- Buenos Aires, Argentina – August 31
- Santiago de Chile, Chile – September 7
- Bogota, Colombia – September 26
- Sao Paulo, Brazil – September 28
Ten finalists in total will travel to South Florida for a four-day immersion program at Visa’s Miami Innovation Center, where they will receive mentoring and coaching from Visa subject matter experts and other industry leaders prior to Visa’s Everywhere Initiative final, held at FINNOSUMMIT in Miami, on November 9. The winner will receive a $50,000 grand prize and an opportunity to collaborate with Visa.
Here you can find more information on Visa’s Everywhere Initiative challenge in Latin America and the Caribbean.
About Visa’s Everywhere Initiative
Visa's Everywhere Initiative is the open innovation program designed to lead next generation payment innovation through startup partnering, co-creating and investing. Launched in 2015 the program to-date has included nearly 2,000 startups who've collectively raised approximately $3 billion in combined funding, with ultimately more than 90 finalists and 19 winners selected. The program is being run in North America, Latin America and the Caribbean, Europe and Asia in 2017.
Finnovista is an impact organization that empowers Fintech ecosystems in Latin América and Spain through collaborative activities and networks, such as events, workshops, hackathons and startup competitions. Furthermore, Finnovista designs and executes Fintech startup acceleration and scaling programs, such as Startupbootcamp FinTech.
Finnovista’s mission is to accelerate Fintech entrepreneurship, building bridges between startups and financial institutions and facilitating the transformation of advanced financial services and the eradication of financial exclusion.
More information at: www.finnovista.com