Over $25000 from Visa Everywhere Initiative up for Grabs by Fintech Startups

In addition to cash prizes, VEI winners gain access and exposure to Visa’s vast network of partners in the banking, trading, VC and public sectors. Winners also benefit from receiving recognition from one of the world’s most trusted and valuable brands.

The Central and Eastern Europe, Middle East and Africa (CEMEA) finals will be broadcast live on July 27 on TechCrunch – a leading online publisher focused on the technology industry and startup ecosystem.

The startup that wins at the CEMEA Regionals will participate in the global finals, which will be held on September 19 at TechCrunch Disrupt in San Francisco.

This year Visa’s VEI CEMEA will for the first time introduce an award in the Risk and Security domain – Fintech’s Innovating in Risk Excellence, or ‘FIIRE’, Award. Through this special edition, Visa in collaboration with Emirates NBD is looking for global Fintech players across areas such as fraud management, cyber security and credit risk.

After a joint review by Visa and Emirates NBD representatives, the winning Fintech will receive a $25,000 prize and an opportunity to work with Emirates NBD, a leading bank in the region.

“The Visa Everywhere Initiative is a platform that empowers fintechs and entrepreneurs to showcase the most cutting-edge, impactful solutions in the world of payments and commerce,” said Salma Ingabire, Visa Country Manager for Uganda.

“Through their technology-driven, innovative solutions, fintechs have the potential to offer broad social benefits to the markets in which they operate – particularly in providing financial services to those who have traditionally been underserved. At Visa, we believe access to the digital economy drives equity, inclusive growth, and VEI is an important means of supporting the innovators who play a leading role in this area.”

Since launching in 2015, VEI has helped startups representing more than 100 countries raise more than $16 billion in funding, with a network that includes nearly 12,000 startups from around the world. Last year, VEI awarded more than $530,000 USD in prize money during the competition, which saw over 4,000 startups from five regions. In VEI 2022, Nigeria’s ThriveAgric took home the VEI Global Grand Prize of $100,000 USD.

ThriveAgric also won the $20,000 USD Visa Direct prize.

VEI is seeking innovative and ambitious entrepreneurs who lift society by solving payment and commerce challenges faced by companies of all sizes and sectors:

What we are looking for
Enablers of digital services and digital issuers

• Blockchain and cryptocurrency
• Crowdfunding
• Bank-as-a-service
• BIN sponsors
• Issuer/processors
• Program managers

Digital issue

• Blockchain and cryptocurrency
• Alternative lending
• Personal financial management
• Money transfer and remittance
• Digital bank (also called neo banks)
• Digital wallets, peer-to-peer (P2P) and transfers
• Employee benefits
• Debt
• Company card (also called expense management)

Value addition for sellers and/or consumers in the financial area

• Data and analyses
• ID, authentication and security
• InsurTech
• Loyalty
• Seller services and tools
• Process and payment infrastructure
• Retail technology
• Other

Recovery of small and medium-sized enterprises

• Money movement (withdrawals, Intra account, P2P provider and payments)
• Acceptance (e-commerce and mobile acceptance)
• Risk management (refunds, etc.)
• Brand management (community building, etc.)
• Other

New categories for 2023:

• Sustainable fintech
• Danger
• Urban mobility

This year’s prize

• VEI CEMEA Regionals 1st place: $20,000
• VEI CEMEA Regional Crowd Favorites: $10,000
• VEI CEMEA Regional Risk Winner: $25,000
  The application deadline is 22 May.