VISA is bringing women entrepreneurs to the fore by offering a FinTech and Social Impact challenge to female-founded companies worldwide that has a sizeable monetary prize. The competition, called the Visa Everywhere Initiative (VEI), is running in 75 countries, and has previously awarded dozens of mentoring and cash prizes, but now is shifting its focus to underrepresented groups.
In order to participate, startup companies with at least one female founder must submit a solution or product with the goal of improving the FinTech or Social Impact landscape around the globe. FinTech based companies should address consumer or commercial payment experiences, while Social Impact companies should present solutions on how female entrepreneurs can support sustainable livelihoods while strengthening their local or regional economy.
Following the regional finalist selection in May, the twelve participants chosen from the divided sub-region will convene in Paris, while engaging in networking opportunities and a finalist live-pitching event. Each winning company will be awarded $100,000, expert mentorship, and access to clients via Visa’s large network of partners.
Visa also plans to launch a marketing campaign, “Together as One” that celebrates the Visa Everywhere Initiative: Women’s Global Edition by bringing together previous VEI winners and finalists from around the world to continue making an impact. The entrepreneurs will use the campaign to reach out to peers and inspire more participants to compete and build their own businesses.
“More than 163 million women around the world have started their own business in the last five years, accounting for up to 37% of the workforce. Women entrepreneurship is on the rise and Visa is committed to inspiring more women to break through barriers through platforms like the Visa Everywhere Initiative,” said Lynne Biggar, chief marketing and communication officer at Visa.
