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Visa, Grupo Guayacán partner to accelerate growth of Puerto Rico’s fintech sector

Grupo Guayacán and Visa have created an alliance to provide specialized training and financial support to startups focused on in digital payment solutions and to accelerate the proliferation of local business projects in the dynamic financial technology and payment processing sector.

Entrepreneurs in the sector known as “fintech” will benefit from the easy access that this alliance will provide to the financial system and the knowledge in the areas of scalability, reliability, interoperability, and security that Visa’s experience as a global payment network brings to the financial technology ecosystem of the island.

“At Visa, we have chosen to establish this alliance given the 25-year experience of the Guayacán Group in Puerto Rico and the partners that work with them, such as leading institutions in the banking industry and technology and payment enablement, like Banco Popular, First Bank, Evertec and Payblr,” said Luis Guerra, general manager of Visa Puerto Rico.

“All this drives us to contribute to the positioning of the island as a hub for the development and export of payment technology solutions, taking advantage of its proximity to the United States market,” said Guerra.

“This alliance will strengthen our ability to advance entrepreneurship as an engine of economic development for Puerto Rico, providing training, mentoring and financial support to emerging companies in the financial technology sector, and providing the opportunity to build bridges that result in greater investment and collaboration,” said the Executive Director of Grupo Guayacán, Laura Cantero.

Visa and Guayacán will also cooperate to support and promote the Visa Everywhere Initiative and EnterPRize programs, Guayacán’s business competition.

The former is a global innovation program that tasks startups with solving tomorrow’s payment challenges, further enhancing their own product offerings, and providing visionary solutions for Visa’s extensive network of partners.

Over the past five years, it has involved more than 7,000 startups that have collectively raised more than $2.5 million in funding capital.

For its part, EnterPRize promotes the development of emerging companies in Puerto Rico belonging to all industries by giving them access to workshops, mentorships, and seed capital.

Over the past 17 years, it has awarded more than $2 million in capital to startups that have participated in the program.

In the 2022 edition, Visa will be participating as a jury and will provide a cash prize to the emerging company that wins in the payment technology category.

Author Details
Author Details
Yamilet Aponte-Claudio was born in San Juan, Puerto Rico. She graduated from Colegio Nuestra Señora de la Providencia and is currently a junior at Sacred Heart University. Majoring in Journalism and adding a minor in sustainable development and foreign languages, she aspires to study law after obtaining her bachelor’s degree.

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