Drugstoc, a Nigerian innovative startup that leverages technology to enhance access to healthcare, has been announced as the overall winner of the 2023 Global Visa Everywhere Initiative (VEI) – an open innovation program and competition for start-ups and fintech companies, targeted at solving the payment challenges of tomorrow through innovation.
The startup also won the Audience Favorite award to take home the grand prize of $50,000 and $10,000 respectively.
The Nigerian startup, represented by co-founder and CEO, Chibuzor Opara, beat four other finalists to win the grand prize at the finale hosted on September 19 during TechCrunch Disrupt in San Francisco, CA where this year’s VEI finalists pitched their payment solution to an esteemed panel of judges.
The other finalists were:
As a vital component of the program, Visa has made its network available to drive inclusive economic growth with the goal of giving everyone, everywhere, access to the global economy. Notably, minority-owned businesses have tripled after the pandemic, introducing new ideas for the fintech space. The 2023 VEI program saw a significant uptick in diverse applicants, with women-led businesses representing nearly half of this year’s entrants.
Last year, ThriveAgric, another Nigerian startup that provides smallholder farmers access to finance, insights, and distribution was crowned the 2022 winner of VEI.
VEI is an open innovation program and competition for start-ups and fintech companies, targeted at solving the payment challenges of tomorrow through innovation. Visit our website to learn more about the VEI program.
Since its inception in 2015, VEI has welcomed some of the most promising startups and fintech firms from over 100 countries into its program. After completing the program, these companies have collectively secured over $16 billion in funding, effectively tackling the significant hurdles that early-stage entrepreneurs often encounter.
