Visa has opened applications for the second cohort of its inclusive FinTech accelerator.

The payments giant said its Visa Inclusive Fintech Accelerator, created in partnership with Plug and Play, is designed to accelerate the growth of FinTech start-ups led by founders from diverse backgrounds.

The move follows its initial cohort, which featured 21 founders and focused on start-ups that offered unique solutions in areas such as investment, customer onboarding, and partnerships with large enterprise customers.

In the second cohort, Visa and Plug and Play are seeking start-ups that are "redefining financial technology" and are led by a founder who identifies as underrepresented and/or is committed to serving underserved segments in North America and/or has "demonstrated passion and commitment to inclusion" and/or has demonstrated resilience in their paths in the FinTech space.

"We introduced the Visa Inclusive Fintech Accelerator to drive greater innovation and progress by championing diversity," said Vanessa Colella, global head of innovation & digital partnerships, Visa. "We are so proud of our first cohort and all they accomplished and are thrilled to begin our search for the program's second cohort to uplift more diverse fintech founders and their brilliant ideas."

Visa said that start-ups applying must have a minimum viable product (MVP) to apply and should be based in and conducting business within the United States or Canada.

It went on to say that start-ups will gain exclusive access to its network and resources; receive mentorship from industry leaders; and have opportunities for pilot projects and strategic partnerships with the company.

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