Kompas Awarded €50k in Everywhere Initiative

  • UK start-up won with solution that uses machine learning to support regional commerce experiences
  • More than 300 entries submitted from start-ups in 19 countries

Copenhagen – Money 20/20 – 27 June 2017 – Visa Inc. (NYSE: V) today announced the winners of its first European Everywhere Initiative competition, awarding a total of €100,000 to three start-ups for their successful proposals in three categories, and the opportunity work with Visa APIs in conjunction with executive mentors and technologists. The category winners receiving €25,000 each are:

  • bitemojo (Israel) - Local Community Challenge. They presented “Visa Bite”, an app that creates a self-guided food discovery experience using nothing but your smartphone.
  • Kompas (UK) - Regional Intercity Challenge. Their “Dependable City Exploration” app uses machine learning to personalise content based on individual preferences and interests.
  • Fly Money (Israel) - International Travel Challenge. Their proposal provides an API to compare and select travel money solutions at the same time a consumer books a flight with a travel agent or airline.

Kompas won an additional €25,000 for the best overall proposal.

Visa executive vice president, innovation and strategic partnerships, Jim McCarthy, awarded the prizes at this year’s Money 20/20 conference in Copenhagen and said: "At Visa, we are looking at new ways to enable innovation in payments. This is why we are engaging with the start-up community through Visa’s Everywhere Initiative, looking for fresh new ideas to drive key business objectives and improve consumer experience. We look forward to working with these companies, giving them access to our APIs through the Visa Developer Platform to help them take their ideas to the next level."

Announced at Mobile World Congress in February, the European Visa Everywhere Initiative programme programme began accepting proposals in April in the three categories outlined above. After entries closed in May, Visa selected five finalists from each of the categories and invited a representative from each company to the Money 20/20 conference in Copenhagen to pitch their idea in front of a panel of judges including executives from Visa as well as Birte Quitt from Erste Group and Davide Rigamonti from CornerCard . The winners were announced by McCarthy in a presentation to start-ups on the conference’s Sixth Stage, specifically designated for the start-up community.

Since the programme launched in the United States in 2015, more than 1,500 start-ups in North America, Latin America, Europe and Asia have participated.

Find more details about the competition here.

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About Visa’s Everywhere Initiative

Visa's Everywhere Initiative is an innovation program designed to encourage the “next big thing” in payments, as the payments industry shifts from plastic to digital and new entrants join traditional stakeholders in payments. The program first launched in the U.S. in 2015 and quickly expanded into a global program with nearly 1,500 participating start-ups, which have collectively raised over $2 billion in funding, with more than 90 finalists and 19 winners selected. The program is being run in North America, Latin America, Europe and Asia in 2017.

The 2017 programme was the first in Europe and was open to companies from 19 markets including: Austria, Bulgaria, Czech Republic, Denmark, Finland, France, Germany, Ireland, Israel, Norway, Poland, Portugal, Slovakia, Spain, Sweden, Switzerland, The Netherlands, The UK, Turkey. All phases of the competition are conducted in English.

About Visa Inc.

Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead with prepaid or pay later with credit products. For more information, visit our website (www.visaeurope.com), the Visa Vision blog (vision.visaeurope.com), and @VisainEurope.