The Fintech engagement platform with which Visa explored collaborations and business opportunities with startups
Visa Everywhere Initiative LAC was key to Visa in its exploration of collaborations and commercial opportunities with Fintech startups in Latin America and the Caribbean. Quickly recognizing the speed at which financial technology was advancing, Visa decided to capitalize on the creativity and ingenuity of startup entrepreneurs in the region for a steady stream of innovative ideas that are often difficult to generate internally in a large financial institution.
In 2015, Visa launched the Visa Everywhere Initiative program in the US, seeking to lead payments innovation through partnerships, co-creation and investment with startups. With nearly 2,000 startups participating by 2017, the program demonstrated its ability to generate disruptive and valuable ideas.
However, in 2017, Visa realized that it still did not have sufficient reach in the Latin American and Caribbean market. That's when, in collaboration with Finnovista, it launched Visa Everywhere Initiative LAC. This program, which started as an all-inclusive Fintech platform, evolved into an engagement program specifically for startups in the region. VEI LAC challenged participants to address future challenges in payments, improve their propositions and deliver visionary solutions for Visa and its partners.
The collaboration with Finnovista was essential to the success of the program. Finnovista brought more than a decade of experience in collaborative innovation in Latin America, and its strong network of entrepreneurs in the region. Through the Visa Everywhere Initiative LAC, Visa was able to consolidate its position as the leading payments partner for Fintech startups in the region, generating solid agreements, driving the adoption of digital payments and promoting economic development.
Since its launch and until 2022, the programme has attracted more than 15,000 startups from over 100 countries, many of which are now collaborating with Visa or its clients. This initiative catalysed innovation, promoted financial inclusion and contributed to economic development in Latin America and the Caribbean.
Through Visa Everywhere Initiative LAC, Visa achieved:
1. Strengthen the open innovation program as the main platform for connecting with startups and Fintech in the region, thus strengthening its commitment to innovation and collaboration.
2. Foster a close relationship of engagement and collaboration with the Finnovista network, an outstanding community made up of the most visionary Fintech entrepreneurs in the region, thus facilitating the exchange of innovative and transformative ideas and solutions.
3. Consolidate its position as the leading payments partner for Fintech startups in Latin America and the Caribbean, standing out as a leading brand in innovation and commitment to the financial ecosystem.
4. Facilitate the closing of solid deals through partnerships and strategic investments in Fintech startups in the region, thus contributing to the growth and development of the sector.
5. Use the platform as a means to foster the adoption of digital payments, providing active support to SMEs and small businesses, and thus accelerate economic progress in the region.
6. Deepen knowledge of the Fintech ecosystem in Latin America and the Caribbean, establishing solid and lasting relationships with startups in the region.
7. Act as a catalyst for innovation, actively promoting financial inclusion and contributing to sustainable economic development in Latin America and the Caribbean.
startups
editions in LAC
of investment raised by the finalists
in prizes for startups per edition
Entrepreneurs and startups, the source of innovation Visa needed access to
Finnovista and Visa designed and implemented the Visa Everywhere Initiative LAC, a global Startup Engagement Program that, successfully implemented in Latin America and the Caribbean, positioned Visa as one of the most innovative brands in the fintech ecosystem, helping to identify the most cutting-edge technologies and the best talent in the region.
To achieve this, Finnovista provided Visa with its expertise in collaborative innovation and its extensive network of entrepreneurs and startups in Latin America and the Caribbean, as well as its credibility and experience in the Fintech ecosystem. In addition, Finnovista's team of analysts conducted an exhaustive study of each of the startups that applied, accompanying Visa throughout the process: from the search and analysis of startups, interactions with the entrepreneurs, their teams, and corporate executives, to the grand finale and the judges' decision.
The six editions of the Visa Everywhere Initiative LAC turned this Startup Engagement Program into a sustained success story with real collaborations and results that, to this day, continue to positively impact Latin American society.
- “Visa takes collaboration very seriously and this is exactly how Visa Everywhere Initiative works: leveraging Visa's resources and network while harnessing the creativity and fresh thinking of these emerging Latin American and Caribbean startups to create stronger, more effective digital payment solutions that have a direct impact on businesses and consumers.”
Arnoldo Reyes
Former VP of Digital Partnerships, Fintech & Ventures
at Visa LAC
- “Together with Finnovista, we managed to build a very innovative and scalable program, which was VEI LAC. As a partner, Finnovista supported us in accelerating the growth of the program with over 2,150 applications in the six editions, giving us unique access to valuable Fintech startups from Latin America and the Caribbean.”
Arnoldo Reyes
Former VP of Digital Partnerships, Fintech & Ventures
at Visa LAC
A story of sustainable success with real collaborations and results that are positively impacting Latin America
Thanks to the Visa Everywhere Initiative LAC, carried out in collaboration with Finnovista, Visa has been able to identify and collaborate with more than 2,150 Fintech startups in the region over the first six editions of the program.
One notable example is Organízame, a Chilean startup finalist in 2017, which developed a new app for SMEs in collaboration with Visa. Another case is Ubank, also a finalist in VEI LAC 2017, which has worked with Visa on a white-label personal financial management (PFM) solution.
In 2020, the fourth edition of the Visa Everywhere Initiative LAC was conducted virtually in response to the global impact of COVID-19. This year, the challenge for startups was to find solutions that would drive SME economic recovery and improve urban mobility. As a result, more than 300 applications were received from startups across the region, representing a 60% increase compared to the previous year. In this edition, Fygaro stood out as the winner with an innovative solution designed to help small businesses in the region start and manage their operations online.
In 2021, Finerio Connect, a graduate of the Startupbootcamp Fintech accelerator program managed by Finnovista in Latin America, stood out in the Visa Everywhere Initiative global finals by winning second place with its innovative open banking and personal finance solution. This achievement marked a milestone as it was the first time a Latin American and Caribbean startup received global recognition for its approach to open banking.
For its outstanding performance, Finerio Connect received a $10,000 prize for winning the regional edition of the Visa Everywhere Initiative, along with an additional $15,000 prize. In addition, it announced a collaboration with Visa and Ozone API to help financial institutions in Latin America and the Caribbean navigate the open banking ecosystem.
In 2022, Costa Rican startup Huli won first place in the regional finals and took third place in the global finals of the Visa Everywhere Initiative, along with "People's Choice" recognition. For its achievements, Huli was awarded $50,000.
In 2023, Finerio Connect received a $6.5 million investment, led by Third Prime and backed by strategic investors such as Visa and Bancolombia Ventures. Huli also secured a $5.5 million financing backed by Intoku Health and Carao Ventures.
