By 
The fintech revolution has transformed modern commerce, opening up new opportunities for entrepreneurs worldwide and bridging the gap between consumers and businesses. Fintech’s transformative power has extended beyond traditional banking, empowering previously underserved communities to participate in the digital economy.
Notably, millions of unbanked and underbanked individuals now have access to mobile accounts and banking services, providing regions historically lacking financial services with opportunities for growth and innovation. This revolution has spurred the rise of fresh startups, introducing innovative products and services that have the potential to revolutionize entire industries.
In the Central and Eastern Europe, the Middle East, and Africa (CEMEA) region, fintech startups have experienced remarkable growth. Between 2020 and 2021, the number of tech startups in Africa tripled to approximately 5,200 companies, while Middle Eastern fintechs secured $503 million in funding across 41 deals in the past year.
To further foster this growth and promote financial inclusion, the Visa Everywhere Initiative offers thousands of startups a global platform to showcase their solutions and connect with Visa’s extensive network of partners. In its eighth year, the competition has already generated numerous success stories in the CEMEA region, with more opportunities on the horizon.
The initiative provides early-stage fintech startups with a chance to pitch their ideas to expert judges, gaining exposure to an influential tech audience. Global finalists from different regions compete at TechCrunch Disrupt in San Francisco for monetary prizes, including $50,000 for the overall winner, $10,000 for the audience favorite, and $10,000 for the Visa Direct winner. Additionally, the CEMEA region awards various local and regional prizes before the finals.
However, even startups that don’t make it to the final rounds benefit from the competition. Entrants can make connections and gain exposure to Visa’s traditional clients seeking innovative fintech solutions. Many startups have forged partnerships with Visa and tapped into its vast network, connecting with financial institutions, merchants, acquirers, and other fintechs.
One inspiring success story from the CEMEA region is Nigeria-based startup ThriveAgric, a 2022 regional and global winner. ThriveAgric focuses on digitizing the entire value chain for small farmers, providing financing worth over $100 million to more than 514,000 farmers in the past five years alone.
Agriculture is a crucial sector in Nigeria, with over 70% of the population engaged in it. ThriveAgric’s technology has transformed the agricultural landscape, enabling efficient land mapping, onboarding, harvest data recording, and inventory management. By leveraging technology, ThriveAgric has increased outputs and ensured financial inclusion and food security for farmers.
The success of ThriveAgric exemplifies how startups can thrive in the Visa Everywhere Initiative by presenting a compelling product, aligning with Visa’s mission to expand the digital economy, and addressing the needs of underserved communities. Visa has partnered with ThriveAgric to provide strategy, solutions, and road mapping to achieve their goals.
As the Visa Everywhere competitors advance to the CEMEA finals, there is immense potential for showcasing innovative solutions in artificial intelligence, open banking, and digital identity. These advancements have the power to drive fintech forward in the CEMEA region and beyond, fostering financial inclusivity and empowering entrepreneurs worldwide.
Comments