SINGAPORE, Nov. 4, 2022 /PRNewswire/ -- Visa, a world leader in digital payments, is today announcing an open call for startups across Asia Pacific to apply for the Visa Accelerator Program 2023. Now in its third year, the Visa Accelerator Program selects a small group of startups to collaborate on some of the most pressing challenges in the payments industry. The 2023 program will focus on developing solutions in the following areas: Web 3.0, global money movement, embedded finance, merchant and small business enablers, and open banking solutions.
The Visa Accelerator Program was launched in 2020 and has since enabled the growth of some of Asia Pacific's most prominent startups. The five startups from the 2022 cohort presented their proof-of-concepts at the Visa Accelerator Spotlight event, after working with Visa product and business development teams to bring their concepts to life and expand their businesses into new markets across the region.
Startups from the 2021 and 2022 cohorts secured nine commercial deals with Visa's clients and partners in Asia Pacific. Additionally, Visa has entered into six partnership and commercial agreements with selected startups, emphasising the value that startups can bring to the larger payments industry.
Chris Clark, President, Asia Pacific, Visa said, "It is exciting to see great products co-developed by the successful startups from the previous cohorts, who have also become our valued partners. Expectations are high as we recruit for the third cohort, because we want to continue bringing the best startups across the region into Visa's payments network. We're looking forward to seeing applications from all around Asia Pacific for the 2023 Accelerator Program."
To tap into the best of the Asia Pacific startup community, Visa is partnering with Plug & Play, one of the world's most successful global innovation platforms. Plug & Play will be a key strategic partner and will curate access to emerging fintech-focused startups for the Visa Accelerator Program 2023. Plug & Play will bring their expertise as a highly successful investor and their experience working with other major corporate accelerator programs, to identify, attract and accelerate startups who want to solve industry challenges and scale new technologies.
Jupe Tan, Managing Partner of Plug & Play APAC said, "We are delighted to be working on the Visa Accelerator Program. Our goal is to provide a line-of-sight into the most innovative fintech startups that are shaping the financial services industry across Asia Pacific, as well as enable successful proof-of-concept engagements between the finalised startups and Visa."
Clark added, "Our partnership with Plug & Play will connect Visa with like-minded fintechs that share our common goal to build new digital commerce experiences together. From exploring the potential of new developments like Web 3.0 and embedded finance, to making it easier for businesses to move money around the world, there are so many opportunities for startups to work with Visa and our network of bank and merchant partners."
Join the program
Applications for the Visa Accelerator Program 2023 are now open and will close 10 January 2023. The program is the right fit for startups that are at Series A and above, have a long-term commitment to Asia Pacific growth and existing operations in the region, and have a market-validated, proven solution. The six-month program will allow selected startups to work together with Visa's payment experts, product architects and business development teams to rapidly co-develop, test, and iterate solutions, while pursuing tangible go-to-market opportunities with Visa's extensive network of financial institutions, merchants and digital partners. For more information, including how to apply, visit: https://www.visa.com.sg/apaccelerator
About Visa
Visa is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
About Plug & Play
Plug & Play is a global innovation platform. Headquartered in Silicon Valley, we have built accelerator programs, corporate innovation services and an in-house VC to make technological advancement progress faster than ever before.
Since inception in 2006, our programs have expanded worldwide to include a presence in over 40 locations globally, giving start-ups the necessary resources to succeed in Silicon Valley and beyond. With over 64,000 start-ups and 500 official corporate partners, we have created the ultimate start-up ecosystem in many industries.
We provide active investments with 200 leading Silicon Valley VCs, and host more than 1,000 networking events per year. Companies in our community have raised over $9 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club and PayPal. For more information: visit www.plugandplayapac.com
APPENDIX
Proof-of-concept overview and selection of quotes from the startups of the Visa Accelerator Program 2022: Cymonz, Moneytree, Perfios, TallyKhata and TripleA.
Cymonz
Proof-of-concept: Cymonz is partnering with Visa to simplify international payments by enabling a unified end-to-end payments-as-a-service platform.
"Overall, the program has been fantastic. The team at Visa has been very committed and instrumental in making the partnership a success and many doors have been opened by Visa, which created commercial opportunities to help us grow our company in the region."
- Simon Lynch, Founder of Cymonz
Moneytree
Proof-of-concept: Moneytree and Visa are partnering to provide financial institutions access to a wealth of data and insights for better and faster credit decisions.
"Collaborating with Visa's product, design and sales experts, we jointly solutioned a Minimum Viable Product, and rapidly validated market fit utilising Minimal Viable Testing, all within a short span of six months."
- Paul Chapman, Chief Executive and Founder, Moneytree
Perfios
Proof-of-concept: Perfios's automated credit assessment and underwriting solution for small business loans allows plug and play card programs for instant disbursement of financing on Visa credentials.
"It was an amazing journey with great traction between Visa and us. The highly structured process of the program ensured clear objectives for every meeting and helped us build, validate and take our product to market within a very short span of time."
- Sandesh Jayarama, Vice President of New Business Initiatives, Perfios
TallyKhata
Proof-of-concept: TallyKhata and Visa are enabling small business financing by leveraging TallyKhata's merchant platform and data and Visa credentials for supplier payments and business expenses.
"The partnership with Visa was very impactful, from the structured approach towards solutioning to client engagement. In six months, we went from a proof-of-concept to a commercially tested product. The access to Visa leadership and product expertise along with client relationships for joint go-to-market helped us establish strong credibility."
- Shahadat Khan, Founder and Chief Executive Officer, TallyKhata
TripleA
Proof-of-concept: TripleA and Visa are partnering to offer financial institutions, merchants and marketplaces innovative crypto solutions for customer engagement.
"The program really exceeded expectations with the drive and approach from Visa teams to support our product and go-to-market efforts. We won three significant client deals through the Visa Accelerator Program, which would not be possible without Visa. It made a difference in our growth!"
- Eric Barbier, Founder and Chief Executive Officer, TripleA
