More than 500 technology start-ups have applied for the Visa Innovation Program.
Visa seeks to boost the Spanish ecosystem of financial technology companies. The payments company has teamed up with the fintech platform Finnovating and the start-up accelerator Hackquartes to launch a program with the aim of promoting the development and scalability of fintech.
This is the first edition of the Visa Innovation Program, which has previously been developed in Turkey, Greece and Bulgaria.
"Through this program we want to promote and strengthen disruptive fintech ideas that drive the new generation of digital payments. Visa supports with training, visibility and access to our ecosystem," explains Eduardo Prieto, General Director of Visa in Spain.
Fintech companies interested in joining the program can submit their application from today until June 12. From all of them, between 5 and 7 start-ups will be selected that will have access to training, mentorship sessions, connection with investors, meetings with financial entities and corporations from other sectors, as well as opportunities for joint collaboration for half a year.
The initiative led by Visa has on its radar companies that apply technology to the means of payment sector (for example, blockchain), that support the digitization of payments for SMEs, that help make payment flows more efficient (for example, , virtual credentials) or more sustainable.
Finnovating collaborates in the initiative, a platform that uses artificial intelligence to connect companies within the fintech ecosystem. For its part, Hackquarters is an accelerator that currently has more than 800 companies in various programs.
More than 500 fintech startups have applied to join the Visa program since it was launched in 2018. Since then, there have been three editions, with a fourth ongoing this year.
Visa explains that the program has helped fifty start-ups to date, with which 45 proofs of concept, pilot projects and commercial agreements have been closed.
Likewise, the companies participating in Visa's fintech initiative have managed to raise more than 150 million in financing after participating in the firm's acceleration program.