Fintech start-up competition launched by Visa Europe and Accelerator Network

Innovation hub Visa Europe Collab and The Accelerator Network have this week opened applications for a new, advanced start-up competition.

Designed to find and nurture ideas that will provide innovative solutions for payments, the competition will consist of three categories which will be judged on innovation, proof of concept and evidence of commercialisation:

• Digital Me – this will aim to solve the problem of keeping data private, but allow easy access as and when we need it.
• Data Me – this will look for ways to share personal data to sites or stores when buying goods or signing up to services, with control.
• Group payments – this category will ask how it could be easier to pay for something as a group, such as when buying a joint present.

The six finalists will be granted access to Visa Europe Collab’s partners for support in developing their ideas and the winning team will develop proof of concept for their idea across a 100 day process that will take the idea from scoping and qualification through to market testing and design.

Completed business ideas will be incubated further, with the potential to eventually see the idea rolled out to Visa member banks, retailers and consumers across Europe.

The overall winner and six shortlisted ideas will be announced during a live event at the Visa Europe Collab Tel Avib hub in September with an ‘Audience Choice’ prize awarded to the finalist that receives the most votes from attendees on the night.

On its partnership with The Accelerator Netowrk, Niamh de Niese, director of innovation delivery at Visa Europe Collab, commented:

“We’re working together to find the entrepreneurs and start-ups that can help us address the challenges and opportunities that exist around the three categories of Digital Me; Data Me; and Group Payments – categories with huge scope and potential to shape the future of the payments landscape.”

Ian Merricks, chair of The Accelerator Network, added: “London is one of the most exciting cities in Europe for financial technology (fintech) innovation and we’re seeing more and more fintech entrepreneurs with disruptive ideas coming through our doors.

“Offering these businesses the chance to work with Visa Europe Collab with the team’s wealth of industry experience, and the company’s connections with more than 3,000 European member banks and financial organisations, will be invaluable in helping them scale their businesses.”

Those interested must apply here by July 31.