Malta’s Fintech Ecosystem Finds New Support Thanks to the Visa Innovation Program Europe
Global world leader in digital payments, Visa has just announced the extension of the Visa Innovation Program Europe in Malta.
What is the Visa Innovation Program Europe?
The program is designed to help early-stage Fintech scale up and leverage their value proposition, while engaging with Visa, its customers and partners.
This project is present in Bulgaria, Greece, Turkey and Spain. This fintech pilot-centric collaboration platform has been partnering since 2018 with early-stage venture capital fund Eleven Ventures and open innovation accelerators Crowdpolicy and Hackquarters.
The platform offers its participants access to Visa’s markets, customers and products, investor networking, international visibility, and industry mentoring.
How can one apply for the program?
With an Open Call expected to be launched in March 2023, Fintech in Malta will be able to submit their applications to be part of the cohort of the 2023 edition.
The awarded candidates will become part of the Visa Innovation Program Europe, which during the following 6 months will support their growth, by providing them access to training resources, mentoring, and investors.
They will also be able to leverage a network of proof-of-concept partners such as banks, electronic money institutions, merchants, and other high-profile organizations, to test and validate their proposals and reach the commercialization stage faster.
The program already has five editions in four countries, more than 900 applicants, 72 selected Fintechs and 68 proofs of concept derived from introductions of Visa network partners.
“We are excited to bring this program to Malta with our partners, and demonstrate our continued investment in fintech talent in the markets where we operate the program, and beyond. I am incredibly proud to see how much the Visa Innovation program has and continues to expand as a regional program established across Europe and I look forward to welcoming Fintech in Malta interested in becoming part of it,” VP and General Manager for Malta , Cyprus and Israel in Visa, said Sevi Vassileva.
“Visa Innovation Program Europe continues to pave the way for the development of partnerships between startups, Visa and financial institutions, giving the chance to more fintech companies launching in Malta to flourish in a dynamic ecosystem with exciting opportunities and potential for fintech entrepreneurs,” said Crowdpolicy’s Managing Director, Michael Psalidas.
Visa Innovation Program Europe in numbers
Since its inception in 2018, the Visa Innovation Program Europe has:
- Centers were opened in Bulgaria, Greece, Turkey, and Spain.
- Evaluation of more than 900 applicants in 62 countries with 72 selected Fintechs.
- They have generated 70 proofs of concept thanks largely to the introduction of Visa network partners.
- To date, the Program has provided a total of 1,300 hours of mentoring
- Participating Fintechs entered 84 investment rounds, receiving over €350 million in funding*
- One of the first participants in the Program, Payhawk, became a unicorn last year.
“We are determined to support collaborative innovation, which is a key factor in building more inclusive economies and unlocking economic growth. Expanding further with Malta, we can now discover and empower more local fintech talents who will shape the future of payments and commerce in Europe,” concluded the Regional Managing Director of Southern Europe in Visa, Bea Larregle.
*Funding raised by participating Fintech companies after joining the program either independently or through connections of Program Managers (Eleven, Crowdpolicy, and Hackquarters)
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