Visa has officially opened applications for the 2024 edition of the Visa Everywhere Initiative (VEI). This esteemed program serves as a catalyst for fintech startups worldwide by providing them with a platform to showcase innovative solutions addressing the evolving challenges in payment and commerce ecosystems.
Quick Summary:
- Program Overview: Visa Everywhere Initiative (VEI) is a global open innovation program and competition for fintech startups.
- Objectives: Fintech startups pitch solutions targeting future payment and commerce challenges.
- Benefits: Equity-free funding, exposure to Visa’s extensive network, recognition, and participation in global competitions.
- Application Deadline: May 6, 2024.
- Competition Stages: Virtual Central and Eastern Europe, Middle East, and Africa (CEMEA) competition in July, global finale at TechCrunch Disrupt event in San Francisco on October 29, 2024.
Introduction:
We’ve come to accept that innovation serves as a driving force for progress and transformation everywhere in this world. And Visa Everywhere Initiative (VEI) stands at the forefront of fostering this innovation which offers a unique platform for fintech startups to unleash their potential and revolutionize the future of payments and commerce.
Detailed Insights:
Empowering Fintech Startups:
- VEI serves as a launchpad for fintech startups, providing them with the opportunity to showcase groundbreaking solutions that address the emerging challenges in payment and commerce domains.
- The initiative aims to empower entrepreneurs to drive positive change and create impactful solutions that resonate with the evolving needs of consumers and businesses globally.
Valuable Benefits for Participants:
- Participating startups stand to benefit from equity-free funding, allowing them to accelerate their growth and scale their operations effectively.
- Exposure to Visa’s extensive networks across banking, merchant, venture capital, and government sectors opens doors to strategic partnerships and collaboration opportunities.
- Recognition from Visa, a trusted and valuable brand in the payments industry, further amplifies the visibility and credibility of participating startups on a global scale.
Application Process and Timeline:
- Startups interested in participating in VEI 2024 can submit their applications before the deadline on May 6, 2024.
- Successful applicants will advance to the virtual Central and Eastern Europe, Middle East, and Africa (CEMEA) competition scheduled for July 17, 2024.
- The winning startup from the CEMEA final will have the opportunity to compete in the global finale, alongside winners from other regions, at the prestigious TechCrunch Disrupt event in San Francisco on October 29, 2024.
Past Success Stories:
- VEI has a proven track record of empowering fintech startups and catalyzing their growth journeys. Previous editions have witnessed remarkable success stories, with startups collectively raising over $48 billion in funding.
- Notable winners from past editions include Drugstock from Nigeria, which secured the VEI global grand prize, and AiFluence from Kenya, which received accolades at both regional and national levels.