Visa announced the two finalist startups of the first global edition of Visa Everywhere Initiative (VEI) exclusively for women: DinDin of Brazil and Chilean Mujeres del Pacífico.
The program is the first that Visa launches focused on Fintech companies that have at least one woman founder. DinDin, from Brazil, and Mujeres del Pacífico, from Chile, have been the two startups chosen to represent Latin America in the final session of the program in Paris.
The final event coincides with the start of the FIFA Women’s World Cup France 2019, an initiative also promoted by Visa to support women around the world.
Women and business go well together
In the Fintech sector, Latin American women are better represented compared to the rest of the world. Globally, only 7% of startups have a woman in their management team, while in Latin America, they are 35% of companies. However, companies with women in the management team usually receive investment on fewer occasions. 45% of companies led by women have done only bootstrapping, compared to 31% of companies formed only by men.
Investors’ lack of confidence in teams with women contrasts with the best results that these companies present. According to the firm KPMG, fintech with women in their organization get better returns. The Visa initiative seeks to mend this bias in the investment.
Fintech for marginalized groups
In Latin America, 38% of startups led by women serve marginalized groups, according to a Finnovista report.
The VEI finalists reflect this concern to improve financial inclusion.
DinDin provides access to a complete, integrated, and more accessible experience for the unbanked or people with a low level of banking through their mobile app, online banking, prepaid cards, and API platforms.
Mujeres del Pacífico recognizes that starting a business in Latin America for women is very difficult, which is why during the last six years it has been dedicated to training and developing professionally women entrepreneurs, as well as helping them to enter new markets.
Since 2015, the Visa Everywhere Initiative program has reached five continents and 75 countries, with the participation of more than 4,000 startups. In Latin America, the program has managed to bring together more than 600 startups since its launch in 2017. Last year, the program broke regional records with the presentation of more than 350 proposals from 15 countries.