Visa Innovation Program Europe Closes its Second Edition in Spain Promoting Innovation in the Fintech Sector

The revolution of new technologies, especially those related to artificial intelligence (AI) and the management of large amounts of data, has impacted society with such force that it has changed, in a very short time, our way of relating to the world. And Visa want to be at the forefront of this revolution.

All economic and business sectors are immersed in transformation and innovation processes to adapt to the digital universe. Among them is the financial sector, which, through technological tools such as the use of the cloud, big data or AI, not only manages to generate new business models , products and services in the financial markets, but also facilitates access, and improves the efficiency of the sector.

With the aim of developing new solutions, companies specialized in the application of these new technologies to finance appeared : those known as fintech . Many of these companies focus their activity on a specific segment within the financial universe (payments, credit, wealth management…) and their proliferation has transformed and energized the ecosystem.

Spain is one of the most relevant scenarios in the fintech world, with nearly a thousand companies operating in the country. This data makes us the third most important census in Europe, behind the United Kingdom (2,439) and Germany (978), and the sixth worldwide. For this reason, Spain is a strategic enclave for the financial and technological universe and an unbeatable framework for developing meetings and initiatives that allow the different actors in the sector to enrich themselves with the exchange of ideas and projects.

Read more about the promotion of the fintech sector by Visa and find other important financial news of the day with the Born2Invest mobile app.

Visa Innovation Program Europe, a place to foster alliances

Aware of the relevance of the Spanish market, Visa has consolidated its presence and commitment to Spain. The company, recognized worldwide for its payment services and innovative technologies, has materialized its efforts to support the growth and evolution of the fintech ecosystem in Spain with the celebration of the second edition of its Visa Innovation Program Europe (VIPE) .

During his closing summit, Eduardo Prieto, general director of Visa in Spain, highlighted the “success of the 2023 promotion of the Visa Innovation Program Europe Spain and Portugal.”

“During this edition alone we have provided the participating fintech companies with introductions to almost 90 partners where currently 25 collaborations are already being explored, figures that reflect the spirit of the program to connect the fintech ecosystem with our clients and partners , acting as an open network and providing them with visibility to scale their businesses, while contributing to the development of the payments of the future,” highlighted the company executive.

And by facilitating a collaborative space for entrepreneurs in the fintech sector, Visa demonstrates its tangible support to the ecosystem and contributes to accelerating the development of disruptive technologies and innovative solutions by providing them with access to its global network and advanced payment tools.

Eight fintech companies have been selected to participate in this second edition of VIPE Summit Spain and Portugal, which had more than a hundred applications: Coverflex, TOQIO, Dedomena AI, Fraudio, Goscore, Holywally, Reveni and Dogood People . All of them met the requirements of knowledge, ambition and scalable business model that were valued by the experts from Visa, Hackquarters and Finnovating, collaborating companies of the Visa Innovation Program Europe.

Specifically, participating companies have presented their solutions to address some of the biggest challenges in the financial sector during the VIPE Summit. Challenges such as fraud detection, inclusive access to financing, digital wallets , new employee benefit models, AI applied to data, management of online purchase returns or embedded finance (integration of financial services in non-market contexts). banking) have been the protagonists of this edition.

During the day, the important socioeconomic work carried out by the eight fintech companies was recognized and appreciated, in addition to highlighting the revitalization of the payments industry in Spain and around the world.

And, in addition, during the event it was announced that Visa, together with the international platform Finnovating and the startup accelerator Hackquarters, continue to support this initiative with the launch of the third edition in Spain of the Visa Innovation Program Europe (VIPE), whose opening of applications began on February 5th and will end on March 4th.

The decision to continue promoting exchange and collaboration between actors in the fintech sector reflects Visa’s commitment to promoting innovation and financial inclusion in the Spanish market. With the announcement of the third edition, Visa is committed to continuing to support digital transformation in the financial field and consolidates its position as a key player in the promotion of fintech globally.

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(Featured image by  ignartonosbg via Pixabay)

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First published in Expansion. A third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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