The third edition of the program, Visa Everywhere Initiative, in association with Finnovista in Latin America and the Caribbean, is moving on to the next phase after selecting 24 startups out of over 190 applications to participate in 4 Collaborative Innovation Workshops (see startup list below).
During the Workshops the startups will work together with Visa employees and Visa clients on innovative solutions related to the program’s challenges. As an outcome, 12 startups will be selected as finalists to participate in the final of Visa Everywhere Initiative at FINNOSUMMIT Miami by LendIt Fintech.
In contrast to previous editions, this year’s program is based on three specific Challenges with the objective of identifying and empowering growth stage Fintech startups throughout the region and accelerating commercial engagements with Visa and its clients through pilot programs and Proof of Concept (POCs). The three challenges are:
- Challenge 1 – Expand Digital Payments Access and Acceptance.
- Challenge 2 – Increase Visa’s Share (payment volume and number of cardholders) in the Affluent Segment
- Challenge 3 – Drive Secure Digital Commerce
The majority of projects submitted came from Colombia (22%), Argentina (19%), Chile (10%), Peru (10%), Mexico (10%) and Brazil (9%), showcasing the importance these initiatives have in markets where the Fintech ecosystem is still not as large in number of startups but has thriving activity. Moreover, this third edition has been noted for the maturity of the projects received, as the majority of startups are sufficiently developed to engage in collaboration projects with corporate players. It’s also important to highlight that 65% of the startups applied to Challenge 1, related to digital payments, a result that is aligned to the region’s market trends, as Payments and Remittances is the largest Fintech segment in most countries in the region.
The Workshops
During the last weeks of August four Collaborative Innovation Workshops will take place in Mexico City, Bogota, Buenos Aires and Sao Paulo, where selected startups, Visa employees and Visa clients (banks, merchants and digital services providers) will participate. During the Workshops all participants will work on the solutions presented to the Challenges through a methodology of Experiment Design, with the objective of developing a prototype of the Pilot Program or Proof of Concept (POC) that the startups aim to develop with Visa in the future. Three startups will be selected at each Workshop, leading to a total of 12 startup finalists that will participate in a 5 week Immersion Program and will present in the final at FINNOSUMMIT Miami by LendIt Fintech.
Selected Startups
The selected startups for each Collaborative Innovation Workshop are the following:
Mexico City (August 20)
- Flexio (Challenge #1) – Loan installments for e-commerce through debit cards.
- Moneypool Challenge #1) – P2P payment solution that aims to end with cash by solutions sharing expenses between friends, receiving online payments and sending notifications.
- Epica (Challenge #2) – First Prediction as a Service platform that aims to consolidate user’s information, create clusters to generate predictions and propose actions that improve customer experience and increase sales.
- Yoyo (Challenge #1) – Solution that enables small businesses to collect and manage payments in local currency.
- Pagalo (Challenge #1) – Digital tool for startups, e-commerce platforms and businesses to accept payments in credit and debit cards from around the world in a fast and secure way.
- Kublau (Challenge #2) – Solution to track the delivery of credit and debit cards and help financial institutions ensure delivery and early activation.
Bogota (August 22)
- Tpaga (Challenge #1) – Digital wallet that lets users carry out digital payments, online purchases and transfers from a mobile phone.
- Bederr (Challenge#2) – Loyalty and gamification platform for merchants and corporates that develops loyalty programs in real time by understanding user preferences and behaviours.
- Zinobe (Challenge #1) – Automated platform that enables payment collection, data processing and analysis to take more efficient decisions.
- Peiky (Challenge #1) – E-commerce tool which facilitates the management of the complete selling cycle through social media.
- Gorilla Firma (Challenge #3) – Decentralized system that enables companies to validate identity, authenticate, interoperate and protect any type of information from the internet.
- TiendAPP (Challenge #1) – Virtual platform for small stores to implement electronic payments in order to improve formality, security, and efficiency.
Buenos Aires (August 27)
- Bankingly (Reto #1): A digital bank white label solution for small banks.
- Druber (Challenge #2) – Foreign exchange platform that aims to create a digital wallet associated to a prepaid card for tourists to use with local currency.
- Pareto SA (Challenge #2) – Digital fidelity program that offers services such as segmented discounts according to client profile and business nature; personalized notifications or association with existing fidelity programs.
- Facenote (Challenge #1) – Biometric solution for digital payment acceptance through facial recognition in small businesses.
- Zenrise (Challenge #1) – Online platform that integrates digital and physical payments, acting as a link between un-banked businesses and its customers, facilitating the process of online payments.
- Local Payment (Challenge #1) – Portfolio of payment solutions enabling e-commerce with international footprint to reach more consumers.
Sao Paulo (August 29)
- Zrobank (Challenge #1) – Digital bank with blockchain base and crypto-friendly. Zrobank has 2 products: Zro Pay (payment solution) and Zro Wallet (digital wallet for banking transactions)
- Smashpoints (Challenge #2) – Reward program for mobility applications like Uber, Bike, Scooters, Metro, etc.
- DinDin (Challenge #1) – Digital bank that offers B2B2C solutions focused on financial inclusion such as transfers without the need for banking information.
- Veridex (Challenge #3) – Digital solution that creates credentials for the authentication and identification of online consumers.
- Zen Finance (Challenge #2) – First Fintech as a Service in brazil that develops customized financial products (wallet, credit, and rewards) to generate more value for clients.
Once the four Workshops take place, we will discover the 12 startups that move on to the final and participate in a 5 week Immersion Program and pitch their collaboration projects at FINNOSUMMIT Miami by LendIt Fintech on December the 3rd and 4th. Stay tuned to know about the most innovative projects in the region!
