Visa has announced the Saudi Arabian finalists for the 2024 Visa Everywhere Initiative (VEI), a prestigious global open innovation program. This year, fintech startups from Saudi Arabia, Bahrain, and Oman will compete in an in-person event in June in Riyadh. VEI challenges fintech startups to address the most pressing payments and commerce issues, offering monetary prizes, global exposure, and validation from one of the world's most trusted brands.
Since its inception in 2015, VEI has assisted more than 15,000 startups from over 100 countries in securing more than SAR180 billion ($48 billion USD) in funding. The 2024 Saudi Arabia finalists are:
Saudi Arabia Finalists:
- LazyWait: Provides POS solutions enabling businesses through SMS Payments, LitePOS, and integration with accounting systems.
- MoneyLoop: A digital rotating savings and credit association using KYC and vetted user pools to minimize risk.
- Liquidity Solution Provider: Offers easy access to financial products for individuals with predictable income.
Bahrain Finalists:
- Flooss: A digital microfinance app offering instant cash loans to consumers.
- Cnpsecure: Provides turnkey solutions for issuers to adopt dynamic CVV and virtual cards.
- Ryalize: Delivers easy access to financial products for individuals with predictable income.
Oman Finalists:
- HAL Capital: A Sharia-compliant fintech platform offering embedded direct financing for MSMEs and individuals.
- Mamun: Facilitates SME lending via crowdfunding and embedded lending.
The winners from each country will receive SAR150,000 ($40,000 USD). Additionally, the Impact Prize, worth SAR37,500 ($10,000 USD), will be awarded to a startup with a solution that positively impacts communities, such as promoting financial inclusion, sustainability, or environmental protection. Last year, Saudi-based fintech Lamaa won the Impact Prize for providing SMBs with inclusive finance and payment solutions.
VEI winners will also gain equity-free funding and access to Visa's extensive network of partners in the banking, merchant, venture capital, and government sectors. The competition's expert panel of judges includes:
- Godfrey Sullivan, SVP and Head of Strategy for CEMEA - Visa
- Thereshini Peter, VP, Chief Financial Officer - MENA, Visa
- Malak AlSaffar, Country Manager for Bahrain – Visa
- Yousif AlNefaiei, Deputy CEO, BENEFIT
- Nezar Alhaidar, Director, Fintech Saudi
- Majid AlAmri, CEO, Thawani Pay
Ali Bailoun, Visa’s Regional GM for Saudi Arabia, Bahrain, and Oman, expressed confidence in the innovative solutions presented by the finalists and emphasized Visa's commitment to supporting fintech growth in the region.
The winner of the Saudi Arabia, Bahrain, and Oman edition will advance to the CEMEA regional competition on July 23rd. The regional winner will then compete in the global finale at the TechCrunch Disrupt event in San Francisco on October 29th, 2024. The regional and global prizes include:
- VEI CEMEA Regionals 1st Place: SAR75,000 ($20,000 USD)
- VEI CEMEA Regionals Audience Favorite: SAR37,500 ($10,000 USD)
- VEI Global Finals 1st Place: SAR375,000 ($100,000 USD)
- VEI Global Finals Audience Favorite: SAR75,000 ($20,000 USD)
The VEI program, launched in the US in 2015, has grown into a global initiative, helping startups worldwide. VEI 2023 saw Nigeria’s Drugstock win both the global grand prize and the Audience Favorite award.
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