The Panamanian startup Fygaro won the Visa Everywhere Initiative competition

The start-up Fygaro, which offers a regional e-commerce platform, was the winner of the Visa Everywhere Initiative (VEI) for Latin America and the Caribbean 2020. among the 10 finalists in the region. The VEI program in Latin America and the Caribbean is organized in collaboration with Finnovista. This was announced by VISA in a press release.

The fourth edition of this regional competition for startups took place in a virtual environment for the first time and with the challenge of offering new solutions to promote the economic recovery of SMEs and smooth urban mobility.

Visa said it received more than 300 applications from startups across the region, an increase of nearly 60% from last year’s edition.

Second and third place for Brazil and Colombia

The Panamanian startup Fygaro won the Visa Everywhere Initiative competition
The Panamanian startup Fygaro won the Visa Everywhere Initiative competition

The startups mGrana from Brazil and Quipu from Colombia took second and third place. Arnoldo Reyes, Vice President, Digital Partnerships, Fintech Ventures at Visa for Latin America and the Caribbean, stated that Fygaro offers SMEs in the region a unique solution that allows them to find all the tools they need to start their business online start once. faster and safer way.

“At this point in time, this is even more important to the recovery of the economies of our countries, which are so dependent on SMEs,” added Reyes.

Fygaro, a Panamanian company and partner from Costa Rica, is an e-commerce generator with an integrated billing platform. It is an enterprise resource planning system for MSMEs with accounting that has out-of-the-box features such as web shops and payment buttons.

The business model has proven effective as it is available in 30 countries with more than 15,000 users and helps the economy of SMEs with business-to-consumer transactions growing 56% from the previous quarter.

“We are very excited to have won and continue to strive across the region to help SMEs, entrepreneurs and businesses of all sizes.Said Ariel Rochwerger, co-CEO and co-founder of Fygaro.

Rochwerger added: “We know that by winning the Visa Everywhere Initiative 2020 program we can make a difference in the region and help the local economy reactivate, and we are very excited about it.”

Fygaro is also headed and founded by Isaac Rochwerger.

VEI is a global startup program that challenges participating startups to solve the payment problems of tomorrow, further improve their own product offerings and provide visionary solutions for Visa and its large partner network.

Promote economic recovery in the region

In Latin America and the Caribbean, this year’s program focused on promoting economic recovery in the region while accelerating the digitization of all economic activity.

Visa and Finnovista tried to help small businesses in Latin America and the Caribbean to reactivate the powerful segment of the local economy. According to Cepal, 99% of businesses in the region are SMEs, which account for 61% of formal employment.

Finalists and Awards

Now, for three weeks, the finalist startups participated in a virtual immersion program that focused on exploring and developing opportunities to work with Visa and its partners through mentoring sessions with experts.

The startups presented their solutions to a jury of Finnish judges and the process was broadcast live and directly to the entire fintech community in Latin America and the Caribbean.

The finalists, who represented a broad cross-section of the Latin American business scene, were: Lendera and Yaydoo from Mexico, FT Technologies from Costa Rica, Fygaro from Panama, Quipu Market from Colombia, Riqra from Peru, Datarisk and mGrana from Brazil, Duemint from Chile and Prometeo from Uruguay.

Fygaro, the first place winner, will receive a prize of USD 25,000 while mGrana, a startup in second place, will receive USD 15,000 and the third startup, Quipu, will receive a total of USD 10,000.

Visa is already exploring various ways to work with the program’s finalists, such as: B. the development of pilot programs or Proofs of Concept (PoC), the generation of specialized mentoring opportunities and much more.

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