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Contxto – The Covid-19 pandemic and social-distancing measures have left a big dent on small and medium-sized businesses. To help them recover, this year’s Visa Everywhere Initiative competition, alongside Finnovista, focused on startups from Latin America helping these businesses bounce back.
And this year it received over 300 applications, which was then shaved down to 30 semi-finalists. Now this week, organizers have announced the 10 finalists who will move onto the grand finale: a virtual showcase with a chance to pitch their projects to Visa.
If the credit card company likes what it sees it may even collaborate with the semi-finalists to develop pilot projects, mentoring, or more.
Moreover it’s a chance to raise funding. First place will take home US$25,000 while second place earns US$15,000 and third will have US$10,000 to continue building its business.
The startup showdown will take place on October 15. But in the meantime, all 10 companies will be kept busy in a 3-week immersion program online.
Now onto the finalists.
Visa Everywhere Initiative in Latin America 2020 startups
Companies spend plenty of resources in trying to prevent fraud or non-payment from its customers. To automate this experience, Datarisk offers predictive modeling of credit, collection, fraud, and customer relationship management (CRM) software.
Like Datarisk, Duemint helps companies have a healthier cash flow. Through its SaaS platform, businesses can speed up their collections cycle, manage invoices, and send automated reminders.
FT Technologies (Costa Rica)
This fintech offers white-label products for businesses to more easily process electronic payments. Perfect for the new normal where consumers may still be wary of using cash to complete purchases.
Panamanian Fygaro brings a suite of tools for businesses of all sizes to launch their products online. Through its platform, SMEs can build their websites, set up their payment systems, handle invoicing, and more.
Crowdfunding platform Lendera works in two ways. On the one hand it offers businesses a place to rent machinery. Meanwhile, investors can pitch funds to buy this expensive equipment and then lease it to the company.
Lending startup mGrana expedites the micro-lending process for businesses. Its system analyzes each application and carries out a credit analysis within minutes. If everything checks out, business owners can expect funds to be deposited within 2 business days.
This fintech is developing APIs for startups to craft their own products and services. Big or small, Prometeo wants to ensure startups make the most of open banking in Latin America.
Quipu Market (Colombia)
Local communities and products are the core of Quipu Market. The startup provides a platform for neighborhood vendors (formal or not) to showcase their products and sell them. Transactions are completed using a community token as opposed to cash or an electronic payment.
Peruvian Riqra is bringing an all-in-one platform for B2B companies to run their online operations. The startup offers them tools to set up product catalogs, handle distribution networks, credit lines, even manage their taxes.
Mexican Yaydoo wants to help businesses save money and spend in a smarter way. Through its platform companies can streamline their purchasing processes, negotiate with vendors in one single place, and keep track of all their purchases.
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