Visa, a world leader in digital payments, has officially announced an open call for startups to be part of the Visa Accelerator Program 2024. This six-month program seeks to bolster participating startups across the Asia Pacific region, providing a platform to unlock growth potential and commercialization opportunities. Through this initiative, Visa aims to intensify outreach to startups and reinforce its commitment to supporting fledgling businesses in the Asia Pacific region.
From its establishment, the Visa Accelerator Program has steadfastly supported participating startups in the Asia Pacific region, offering them seasoned mentors, state-of-the-art technology, and access to investment prospects. Guided by Visa, startups from the 2021 and 2022 cohorts have successfully clinched commercial deals with esteemed regional clients and partners. As a further testament to its success, Visa has forged partnerships and commercial agreements with multiple startups, each showcasing substantial innovation in the payments industry. Seven startups were selected for the 2023 cohort earlier in May 2023.
The program offers a unique collaborative opportunity, enabling startups to co-develop, test, and iterate solutions with Visa’s payment experts and business development teams. In 2024, the program’s focus revolves around “Building the Future of Commerce with Visa” in a comprehensive agenda to pursue five potential areas: Artificial Intelligence/Generative AI, Embedded Finance, Global Money Movement, Digital Acceptance for Micro, Small and Medium-Sized Businesses (MSMBs), and the Loyalty of the Future.
Jeff Navarro, Visa Country Manager for the Philippines, said, “Visa sees enormous opportunities and growth potential for innovations in payments. The Visa Accelerator Program solves real-world challenges which is beneficial to consumers, businesses, and the overall payments industry. By joining this program, startups around the region get the chance to work with Visa’s experts for up to six months to bring their Proof-of-Concept to life. I’m very excited to see what the shortlisted startups will bring.”
Selected startups stand to gain significantly from this program with a range of benefits:
- Rapid Solutioning & Testing with Visa’s support to generate maximum impact within a short timeline, and equity-free funding of up to US$50,000, focusing on efficient Proof-of-Concept (POC) development.
- Access & Partnerships with exclusive introductions to Visa’s global network, and tailored partnerships with commercialization opportunities post-program.
- Exclusive Mentoring from a dedicated Visa sponsor and POC working team to open doors and champion startups, and access to Plug and Play’s renowned mentor network to fast track your growth.
- Business Scalability with follow-on pilots, commercial agreements, co-creation, and even potential funding for successful POCs across the Asia Pacific region, while being recognized on the global stage as an elite startup.
The Asia Pacific Visa Accelerator Program 2024
The Visa Accelerator Program returns for its fourth iteration in 2024. Visa welcomes growth-stage startups with a solid commitment to long-term growth in the Asia Pacific region, existing operations within the region, and a market-validated, proven solution to apply.
The program timeline spans from the application period, commencing on January 8 and concluding on March 8, 2024, with the selected applicants to be notified in April 2024. POC development will span the period from May to October this year, with the final Demo Day to occur in November 2024. This comprehensive initiative is geared toward fostering innovation, collaboration, and the growth of startups in the digital payments space.