Applications open in Jordan for Visa Everywhere Initiative, a global innovation competition for fintech startups

AMMAN — Applications are now open in Jordan for the 2023 edition of the HYPERLINK "https://usa.visa.com/visa-everywhere/everywhere-initiative/initiative.html"Visa Everywhere Initiative (VEI), a global open innovation competition that sees startups pitch their innovative solutions to solve tomorrow’s payment and commerce challenges. 

In addition to monetary prizes, VEI winners gain access and exposure to Visa’s vast networks of partners in the banking, merchant, VC and government sectors. The winners also benefit from receiving recognition from one of the world’s most trusted and valuable brands, according to a statement from the company. 

The Central and Eastern Europe, Middle East and Africa (CEMEA) finals will be livestreamed on July 27 on HYPERLINK "https://techcrunch.com/sponsor/visa-everywhere-initiative/startups-compete-in-qatar-for-visa-everywhere-initiative-global-finals-event/" \hTechCrunch – a leading online publisher focused on the tech industry and the startup ecosystem. The startup that wins at the CEMEA Regionals will participate in the global finale, which will be held on September 19 at TechCrunch Disrupt in San Francisco. 

This year, Visa's VEI CEMEA is set to introduce for the first time an award in the Risk and Security domain - Fintechs Innovating in Risk Excellence, or “FIIRE”, Award. Through this Special Edition, Visa in partnership with Emirates NBD are scouting for global fintech players across fraud management, cybersecurity and credit risk, among others. Following a joint review by Visa and Emirates NBD representatives, the winning Fintech will receive a $25,000 prize and an opportunity to work with Emirates NBD, a leading bank group in the MENAT (Middle East, North Africa and Turkey) region.

“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,” said, Mario Makary, Country Manager – Levant, Visa.

“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. 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.” Makary added.

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. 

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, the statement said.

Prospective applicants are encouraged to visit the company's official website for additional information regarding the competition. The application deadline for VEI is May 14.