Applications are now open for UAE fintech startups for the Visa Everywhere Initiative
Applications are now open in UAE for the Central and Eastern Europe, Middle East and Africa (CEMEA) edition of the 2024 Visa Everywhere Initiative (VEI), a global open innovation program and competition that sees fintech startups pitch their solutions to solve tomorrow’s payment and commerce challenges.
In addition to equity-free funding, VEI winners gain access and exposure to Visa’s vast networks of partners in the banking, merchant, venture capital, and government sectors. The winners also benefit from receiving recognition from one of the world’s most trusted and valuable brands.
With applications until May 6th, 2024, and this year’s VEI will see a virtual CEMEA competition on July 17th, 2024. The startup that wins at the CEMEA finale will participate in the global finale – competing against winners from Europe, Asia-Pacific, Latin America, and North America – at the TechCrunch Disrupt event in San Francisco on October 29th, 2024.
“The Visa Everywhere Initiative is a powerful platform that empowers and uplifts fintechs and entrepreneurs to showcase the most ground-breaking, impactful solutions solving tomorrow’s challenges in the world of payments and commerce,” said Salima Gutieva, Visa’s VP and Country Manager for UAE.
“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. At Visa, we believe access to the digital economy drives equitable, inclusive growth, and VEI is an important means of supporting the growth journey of fintechs in UAE – helping them take small but significant steps towards making an impact.”
The program first launched in the US in 2015 and quickly expanded into a global program. To date, nearly 15,000 startups have participated, and have collectively raised over AED175B (USD$48 billion) in funding. VEI 2023 saw Nigeria’s Drugstock take home the VEI global grand prize of AED183,000 (USD$50,000), as well as the Audience Favorite prize of AED36,700 (USD$10,000).
What we are looking for
We are looking for products that deliver innovative payment and commerce solutions to consumers and businesses prioritizing fintech startups with the following technologies:
Emerging spaces
- Artificial Intelligence
- Big Data/Open Banking
- Cloud Computing
- Digital identity and Biometrics
- Cybersecurity and Privacy
- Fraud and Risk
- Alternative Finance
- Alternative Lending
- Loyalty of the Future
Money Movers
- Remittance
- P2P and Transfers
- Cross Border Payments
- B2C (Disbursements)
- B2B Payments Orchestration
Enablers (Commerce and Banking)
- Online Marketplaces and Ecommerce
- Embedded Finance
- Core Banking and Bank Enablers
- Fintech Aggregators
- Digital Acceptance
- BaaS
Neo Banks and Brokerages
- Neo Banks/Digital Banks
- MNOs
- Digital Brokerages
- Digital Wallets
Lending
- Commercial Lending
- BNPL
- Consumer Lending
- Capital Providers
Social, Creator, and Gaming
- Creator Platforms and Services
- NFT Marketplaces
- Collectables
- Gaming Wallets and Tokenization
- In Game payments and transactions
- Gig Economy Enabler
Other categories for 2024
- Sustainable fintechs
- Risk
Prizes
Monetary prizes will be awarded at the CEMEA regional and global competitions:
- VEI CEMEA Regionals 1st place: AED73,000
- VEI CEMEA Regionals Audience Favorites: AED36,700
- VEI Global Finals 1st Place: AED367,000
- VEI Global Finals Audience Favorite: AED73,000
The application deadline for VEI CEMEA is May 6th, 2024. For more information about VEI, please visit Visa Everywhere Initiative Startup Competition 2024
