Applications are now open in South Africa for the 2023 edition of the Visa Everywhere Initiative (VEI), a global open innovation competition that sees startups pitch their innovative solutions to solve tomorrow’s payment and commerce challenges.
This year’s VEI in South Africa will see an in-person competition on 22 June 2023, the winner of which will progress to the Central and Eastern Europe, Middle East and Africa (CEMEA) finals which will be livestreamed on July 27 on TechCrunch. The startup that wins at the CEMEA regionals will participate in the global final, which will be held on September 19 at TechCrunch Disrupt in San Francisco.
“The Visa Everywhere Initiative is a platform that empowers fintechs and entrepreneurs to showcase the most ground-breaking, impactful solutions in the world of payments and commerce,” says Lineshree Moodley GM of South Africa at Visa.
Since its launch in 2015, VEI has helped startups representing more than 100 countries collectively raise more than $16-billion in funding, with a network that includes nearly 12 000 startups from across the globe. Last year, VEI awarded more than $530 000 in prize money over the course of the competition which saw over 4 000 startups participate from five regions. VEI 2022 saw Nigeria’s ThriveAgric take home the VEI Global grand prize of $100 000. ThriveAgric also won the $20 000 Visa Direct prize.
“Through their technology-driven, innovative solutions fintechs have the potential to offer broad social benefits to the markets they operate in – particularly when it comes to providing financial services to those who have traditionally been underserved,” says Moodley. “At Visa, we believe access to the digital economy drives equitable, inclusive growth and VEI is an important means of supporting the innovators playing a leading role in this space.”
VEI is seeking innovative and ambitious entrepreneurs who are uplifting communities by solving payment and commerce challenges faced by businesses of all sizes and sectors in the following areas:
Enablers of digital services and digital issuers
- Blockchain and cryptocurrency
- Crowdfunding
- Banking-as-a-Service
- BIN sponsors
- Issuer/processors
- Program managers
Digital issuance
- Blockchain and cryptocurrency
- Alternative lending
- Personal financial management
- Money transfer and remittance
- Digital banking (aka neo banks)
- Digital wallets, peer-to-peer (P2P) and transfers
- Employee benefits
- Payables
- Corporate cards (aka expense management)
Value-add for merchants and/or consumers in the finance space
- Data and analytics
- ID, authentication, and security
- InsurTech
- Loyalty
- Merchant services and tools
- Process and payment infrastructure
- Retail technology
- Other
Small- and medium-sized business recovery
- Money movement (disbursements, Intra-account, P2P vendor, and payments)
- Acceptance (e-commerce and mobile acceptance)
- Risk management (chargebacks, etc.)
- Brand management (Community building, etc.)
- Other
New categories for 2023:
- Sustainable fintechs
- Risk
- Urban mobility
This year’s prizes
- VEI South Africa 1st place: $50 000.
- VEI South Africa 2nd place: $30 000.
- VEI South Africa 3rd place: $20 000.
The application deadline for VEI South Africa is 14 May.