Miami, October 5, 2018 – Twelve of Latin America’s most innovative startups today converged at the FINNOSUMMIT in Miami for the grand finale of “Visa Everywhere Initiative”—a global innovation program that tasks up-and-coming startups with solving some of the most challenging issues in payments and commerce. These 12 finalists truly represented a diverse cross section of Latin America’s entrepreneurial scene from payments, to alternative lending, to enterprise technology for financial services.
Culqi is an online payments platform that aggregates multiple payment forms across Latin America and the Caribbean making it easier for businesses to accept payments with a single integration. Their solution provides businesses of all sizes a quick and easy way to sell their products and services online.
"Winning the Visa's Everywhere Initiative means more good things for Culqi, continuing to grow and expanding in the region, and keep creating things together which is what we like the most. Our payment platform was created with developers in mind so that they can create new business models and solve problems such as automating their processes and increasing their sales. Everything they are doing is thanks to the technology that Culqi enables, so that businesses can continue selling and growing, said Amparo Nalvarte García, CEO & Co- Founder of Culqi.
"It is an honor to have won, the competition was very good. The twelve startups were incredible. This recognition goes to the team that is in Peru and for the businesses that we provide a simple experience, so that they develop what they want based on the new business models where I believe that we add value, bringing to Latin America simpler and faster ways of charging," Nicolás Di Pace Barrera, COO & Co-founder Culqi.
“It’s been incredibly exciting to see such a high caliber cohort of startups participating in the second edition of Visa Everywhere Initiative in Latin America. Over the last couple of months, we’ve had the opportunity to engage, advise and support the local entrepreneurial ecosystems, from Mexico City, to San Jose, Costa Rica, to Santiago, Chile. All of us at Visa have been captivated by the creativeness of the entrepreneurs we have met and the solutions they are building. They truly are the heart and soul of the Fintech movement across Latin America,” said Arnoldo J. Reyes, VP Digital Partnerships, Fintech & Ventures for Visa Latin America and the Caribbean.
“I’m extremely confident that by working hand-in-hand with many of these entrepreneurs we’ll develop new and interesting solutions and products that will benefit everyone from governments to financial institutions, merchants, and individuals. We congratulate Culqi and look forward to working with them to help them commercialize their solution, and ultimately, to make some positive differences for consumers in the region,” he added.
The second place of the competition went to Cloudwalk the payments processor from Brazil and the third place to the Colombian fintech Minka that offers cloud-banking services.
After six months of scouting amongst the most talented startups in Latin America and hosting semifinal events in Mexico City, Buenos Aires, Santiago, Bogota, Lima and Sao Paulo; Visa invited the 12 finalists to Miami for a four-day immersion program and to pitch their ideas in front of a panel of judges including executives from Visa, BBVA and Latinia. The winners were announced by Arnoldo Reyes, during FINNOSUMMIT in Miami, one of the largest fintech conference in the region.
This year startups were solving for the following challenge: How can tech startups from across Latin America and the Caribbean enhance financial services by transforming payments and commerce in the region?
Visa’s Everywhere Initiative is a global innovation program that tasks start-ups to solve payments and commerce challenges of tomorrow, further enhance their own product propositions and provide visionary solutions for Visa’s vast network of partners. The program first launched in the U.S. in 2015 and quickly expanded into a global program with more than 3,950 participating start-ups, which have collectively raised over $2.5 billion in funding, with more than 215 finalists and 65 winners selected. The program activates in North America, Latin America, Europe, Asia, Middle East and Africa, and has touched over 75 countries throughout the program’s history.
Visa Everywhere Initiative in Latin America is organized in partnership with Finnovista. For more details about the program click here.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit visa.com/about-visa, visacorporate.tumblr.com and @VisaNews. For news from Latin America, visit @VisaNewsLatam
Finnovista is an impact organization that enhances fintech ecosystems in Spain and Latin America, doing so through collaborative activities and networks, such as events, workshops, hackathons and startup competitions. Finnovista designs and executes fintech startups acceleration and scaling programs, as exemplified by Startupbootcamp FinTech. Finnovista's mission is to accelerate fintech ventures by bridging the gap between startups and financial institutions while facilitating the transformation of advanced financial services and the eradication of financial exclusion. More information is available at www.finnovista.com.