Applications for participation in the competition for fintech startups Visa Everywhere Initiative have begun in Ukraine. Participants can receive grants of up to $20,000, according to a press release.
At the regional stage of the competition, participants can receive $20,000 for first place or $10,000 for the audience award. In addition, winners are given access to Visa’s network of partners in the banking, retail, venture capital and government sectors.
Applications for participation in the competition are accepted until May 6. Selected fintech startups will advance to the next stage in the Central and Eastern Europe, Middle East and Africa region, which will be held virtually on July 17.
The winning fintech startup at the regional stage will take part in the global finals and compete with the winners of the European, Asia-Pacific, Latin American and North American selections at the TechCrunch Disrupt conference in San Francisco (USA) on October 292.
What projects are they looking for?
Consider startups that offer payment and trading solutions for consumers and businesses. The following technologies are used in priority:
Emerging technologies:
- artificial intelligence;
- Big Data/Open Banking;
- cloud computing;
- digital identification and biometrics;
- cybersecurity and privacy;
- fraud prevention and risk management;
- alternative money;
- alternative lending;
- loyalty programs of the future
Money movement:
- money transfers;
- P2P and transfer transfers;
- cross-border payments;
- B2C (payments);
- payments orchestration B2B.
Tools for providing services (commerce and banking):
- marketplaces and e-commerce;
- embedded finance;
- Core Banking and tools for providing banking services;
- fintech aggregators;
- accepting digital payments;
- banking as a service (BaaS).
Neobanks and intermediaries
- neobanks/digital banks;
- mobile operators;
- digital intermediaries (Digital Brokerages);
- digital wallets.
Lending:
- commercial lending;
- BNPL;
- customer credit;
- transmitters of capital.
Social networks, content creators and games:
- platforms and services for content creators;
- NFT marketplaces;
- collectibles;
- gaming wallets and tokenization;
- in-game payments and transactions;
- gig economy tools.
Other 2024 categories:
- established financial technologies;
- management of risks.
What is known about the competition
Since VEI launched in 2015, more than 15,000 startups from more than 100 countries have received funding totaling more than $48 billion.
Nigerian company Drugstock, the VEI 2023 winner, received the VEI Global Grand Grant of $50,000, as well as the People’s Choice Award of $10,000.