Ready to Disrupt Finance? VEI Finalists Unveiled!
Mokshita P.
10x Industry

Ready to Disrupt Finance? VEI Finalists Unveiled!

Finalists across three Gulf countries offer innovative fintech solutions addressing payment challenges, aiming for cash prizes, networking opportunities, and global recognition in Visa's prestigious competition.

So, Visa just announced the finalists for the 2024 Visa Everywhere Initiative (VEI) competition in Saudi Arabia, Oman, and Bahrain. This competition is all about fintech startups pitching their ideas to solve payment and commerce challenges.

In Saudi Arabia, we've got LazyWait and MoneyLoop. LazyWait provides POS solutions for businesses through SMS Payments and more, while MoneyLoop is into digital savings and credit services.

In Oman, HAL Capital and Mamun are competing. HAL Capital focuses on Sharia-compliant financing for underbanked SMEs, and Mamun offers SME lending through crowdfunding.

Finally, in Bahrain, we have Flooss, Cnpsecure, and Ryalize. Flooss provides microfinance loans through an app, Cnpsecure offers dynamic CVV and virtual card solutions, and Ryalize provides liquidity solutions for individuals.

Each country's winner gets a prize of OMR15,000. Plus, there's an Impact Prize of OMR3,800 for a solution with a positive social impact. Last year, Lamaa won it for their inclusive finance solutions.

Winners also get access to Visa's networks and recognition. They'll present to judges like Visa executives and industry leaders.

The winners from each country move to a regional competition, and the global finals are in San Francisco. The prizes are pretty hefty, with the global winner taking home OMR39,000.

VEI started in the US in 2015 and has grown globally. Last year's global winner was Drugstock from Nigeria. They won OMR19,200 and the Audience Favourite prize.

So, it's a big deal for these startups, offering not just funding but also exposure and connections in the fintech world.