With fintech innovation on the rise in the CEMEA region, the Visa Everywhere Initiative is connecting start-ups to the broader ecosystem
For years, fintech has succeeded in disrupting markets and advancing financial inclusion by designing modern solutions that speak to the ecosystem’s most pressing needs. For many early-stage start-ups, however, acquiring capital is a common challenge. Nearly 50% of start-ups surveyed in a recent study cited a lack of financing as the top reason for failure, highlighting a need to provide entrepreneurs with more sustainable avenues for growth, innovation, and success.
For nearly a decade, the Visa Everywhere Initiative (VEI) has empowered start-ups to unlock opportunities and bolster their credibility, helping them take a step closer to fulfilling their potential. This open innovation program provides start-ups with a global platform to present their novel ideas while connecting them to Visa’s vast network of clients, investors, and partners, and offering them access to Visa’s extensive suite of solutions.
Since launching in 2015, VEI has helped more than 15,000 start-ups from over 100 countries – many of whom still work with Visa and its clients today. These start-ups have gone on to secure more than $48 billion in funding, showcasing the remarkable impact of cultivating a supportive, uplifting, and interconnected ecosystem.
Today, VEI is more than a competition; it serves as a launching pad for lasting connections.
Demonstrating ongoing support for start-ups beyond VEI, Visa recently announced a new partnership with former global and regional VEI winner ThriveAgric as part of their expansion into Kenya, where they plan to empower an additional 10,000 farmers to participate in the digital economy. Visa previously worked with the Nigerian fintech to provide smallholder farmers with access to vital tools and services such as cards, bank accounts, and Visa Direct disbursements.
Godfrey Sullivan, Head of Product, Partnerships and Digital Solutions, CEMEA at Visa said: “Fintech is among the most competitive start-up segments globally, fueling economic growth and facilitating broader financial inclusion by helping to serve the underserved. The Visa Everywhere Initiative is dedicated to helping them take their next step forward onto the global stage, enabling them to benefit from Visa’s diverse network of partners, substantial suite of solutions, and globally trusted name.”
Tune in to TechCrunch on July 23, 2024, at 1:30 p.m. UAE/9:30 a.m. GMT to catch the VEI CEMEA Finals
Finalists from Central Europe, the Middle East, and Africa (CEMEA) will compete at this year’s regional VEI finals, which will be live-streamed on TechCrunch on July 23 at 1:30 p.m. UAE time (9:30 a.m. GMT).
Sub-regional competitions leading up to this event included an inaugural Levant edition across Jordan, Lebanon, Iraq, and Palestine, as well as events spanning Saudi Arabia, Bahrain, Oman, Qatar, and Kuwait. Winners from the CEMEA chapter will share a total prize pool of $350 million, with individual prizes of up to $40,000.
The regional winner will compete for the global win during the TechCrunch Disrupt event in San Francisco on October 28, for the chance to receive a grand prize of $100,000.
Meet this year’s CEMEA VEI finalists
Five regional fintech finalists will present innovative payment solutions across gaming, digital wallets, e-commerce, and other critical sub-sectors on July 23, 2024.
- GamerG is a Jordan-headquartered digital-first online gaming tournament platform. The start-up organizes daily tournaments for monetary rewards, employing skill-based matchmaking technology to connect gamers and level the playing field. It offers convenient digital payment gateways across wallets, cards, and bank transfers.
- CnpSecure is a turnkey digital provider that fights Card-Not-Present fraud and chargeback risks. The Bahrain-based start-up generates dynamic CVV and virtual cards on demand, reducing the risk of CNP fraud by more than 90%.
- Tess Payments is a Qatar-based smart payments solution. The fintech offers a wide range of accepted payment methods and secure and convenient payment solutions for merchants, enabling them to increase sales and cater to changing customer preferences.
- Nomanini is a South Africa-headquartered developer of a payment platform designed to connect Africa’s informal and offline retail trade ecosystem to digital financial services. The platform connects merchants and distributors, providing services spanning payment orchestration and acceptance, working capital provision, and merchant analytics.
- Advantage Health Africa is a Nigeria-based company that aims to leverage technology to enhance access, affordability, and quality across healthcare in Africa, through integrated pharma solutions. Their approach addresses critical issues in the drug distribution system, such as drug counterfeiting and inconsistent pricing.
