Visa Everywhere Initiative, a global open innovation competition where startups pitch their innovative solutions to solve tomorrow’s payment and commerce challenges, has announced its South African winner.
The event took place in Cape Town, on June 22, where VEI in South Africa saw an in-person competition where 5 fintech finalists presented their startup and solutions to judges
This year there are 3 special editions in CEMEA, namely South Africa, Kenya and Saudi Arabia. Winners in each market advance to regional finals. The aim of the competition is to highlight unique startups that drive change, solve problems and access new segments. More importantly, the competition provides visibility for the fintechs both locally and globally, attracting investment and new opportunities to collaborate.
This year, five startups took part in the competition, Thomas Brennan from Franc.app which helps you invest like a pro in a simple and easy way and aims to create equity exposure, Briam Mokwaiba from Vuleka, a platform that is structured to an entire ecosystem within the informal sector and through their platform connects small manufacturers and large wholesalers with spaza store owners. Camille O’Sullivan, founder of Tweak, a carbon marketplace that aims to provide rewarding sustainable behaviors otherwise overlooked. Lance Fanaroff of iidentitii, an identity verification and advanced biometrics are the core principles of financial compliance and anti-money laundering (AML). And finally, Alex Forsyth-Thompson for Float, a payment system that lets you convert your credit card purchases into installments. and does not charge interest or fees.
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This year’s South African winner is Brian Mokwaiba of Vuleka, who took home $50,000 and moves on to the regional finals.
In his presentation, Mokwaiba explained that Vuleka helps informal businesses that don’t use systems to make their businesses viable. That is why Vuleka provides small informal businesses with credits and provides distribution and cashless payments to small informal businesses and helps them to be sustainable.
The Vuleka uses technology such as a social communication platform, WhatsApp, mobile app, a network of agents to assist and communicate with informal companies.
The app has helped more than 5000 small informal businesses.
A platform that connects large wholesalers
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