Visa has announced the launch of the Visa Everywhere Initiative 2021, a global innovation program and competition of ideas for fintech companies, with a total prize poll of $125,000.
This year, the focus of the program is on expanding financial inclusion and payment acceptance, according to the Visa’s Thursday press release.
The competition will have two stages: regional and global. The prize fund at the regional stage is $25,000. Startups pitch their ideas in regional competitions to a panel of expert judges from across the payments industry, and the winners of each competition are invited to compete on a global stage for a combined $100,000 in total prize money.
Entrants from Central Asia must submit their entries in English for the Central Europe, Middle East and Africa (CEMEA) competition by May 7. The final of the regional competition is scheduled for June 8. The final of the world competition - on September 14, 2021.
“Supporting companies that create solutions that ensure smooth cash flow is a top priority for Visa. We believe fintech is the driving force behind innovation at the heart of our business, and we encourage everyone to participate in the Visa Everywhere Initiative,” said Vera Platonova, Senior Vice President and Regional Director for Visa CIS and Southeast Europe.
The Visa Everywhere Initiative is a global open innovation program that supports startups and fintech companies. For the first time, the Visa Everywhere Initiative was launched in 2015 in the USA and during this time more than 7000 startups took part in the program. To date, the winning startups have raised more than US$2.5 billion in investment, and the program has been launched on six continents and covered over 100 countries.