Visa initiates innovative programme for fintech, payment startups

Innovative fintech startups across Central and Eastern Europe, the Middle East and Africa (CEMEA) are invited to sign up to gain exposure and access to Visa’s network, as well as a total of $45,000 in prize money.

Under the Visa Everywhere Initiative (VEI), which is a global open innovation programme, fintech and payment startups would gain firsthand exposure to key fintech stakeholders across banking, merchant, VC and government sectors. Winners of the competition will be awarded monetary prizes and the opportunity to partner with a global, trusted brand like Visa.

This year’s program has expanded to include startups that are using cryptocurrency and Visa Direct, a payment solution that can help businesses move money to billions of endpoints worldwide via card and account rails, in innovative ways. Finalists from across the world that are driving economic growth will converge in Qatar this November for the VEI finals.

Vice President, Visa West Africa, Kemi Okusanya, said: “Fintechs and other payments innovators are transforming the way consumers and businesses make payments, making it easier for more people to access the money they need when they need it – and the pandemic has seen this become more critical than ever.”

According to the Co-Founder and Co-CEO of PAYZE as well as 2021 CEMEA winner, Giorgi Tsurtsumia, competing on a global stage alongside some of the most prestigious startups in the world and, more importantly, being able to receive that global exposure and support from a trusted brand like Visa was an exceptional achievement for PAYZE.

The VEI network includes 8,500 startups from around the world, which continues to grow every year. Since its launch in 2015, the program has helped startups from over 100 countries collectively raise more than $2.5 billion in funding, addressing one of the biggest challenges faced by early-stage entrepreneurs. Every year, the scope of VEI is expanded to engage with unique startups and solve unique problems in the world of payments.

This year, the program will have a clear focus on CEMEA, a region with tremendous opportunity for fintechs that are developing innovative products and solutions aimed at supporting the community. The latest edition of VEI sees two new editions in Egypt and Saudi Arabia, as well as the global finale in Qatar in November 2022.