Mastercard has welcomed 10 fintechs from around the world to participate in its startup engagement program, Start Path, “to scale the future of commerce”.
“From bridging the digital divide to addressing the needs of the underbanked and beyond, Mastercard is helping fintechs accelerate the way they change the world,” the New York-based company said in a release.
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Mastercard will work with these companies through a six-month program to co-innovate and uncover opportunities that leverage Mastercard’s technology, expertise and network to drive the future.
“Mastercard’s collaborative approach to innovation means investing in solutions that bring more people into the digital economy, instil trust, and secure every transaction and interaction,” the company said.
With the accelerated shift to digital experiences and rapidly evolving consumer behaviors, Covid-19 has created an immediate need for innovative technology solutions, and partnership opportunities abound.
In both developed and developing areas of the world, technology can be the difference between merely surviving and thriving.
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By GlobalDataDriving inclusion, innovation, and trust with alternative ways to pay
“We all thrive when fintechs have access to the technology they need to reach scale and democratize finances,” said Ken Moore, Chief Innovation Officer at Mastercard. “We are partnering with the newest fintechs joining Start Path to drive inclusion, innovation and trust with alternative ways to pay and authenticate, powerful solutions for small businesses, new ways to create efficiency for business payments, as well as address the wealth gap.”
The global market for fintech products and services is expected to hit $310 billion by 2022, and not even the current crisis has dampened the industry’s prospects.
As a partner of choice for fintechs worldwide, Mastercard is committed to driving what’s next and building new solutions with partners such as those in the Start Path network.
The 10 emerging players invited to Start Path
Mastercard Start Path scours the globe to identify and partner with emerging players, and the following have been selected to join the program:
- Carry1stis bridging the digital divide by leveraging mobile technology, payment gateways and culturally relevant content to serve the first generation of African smartphone users.
- FISPANis a contextual platform that embeds business banking services within Enterprise Resource Planning and Accounting applications that clients can rely on to run their businesses.
- Lendioprovides a full-service approach to small business financing, from technology infrastructure for financial institutions to access to growth capital.
- LISNRconnects online to offline customer journeys globally using ultrasonic data-over-sound technology that enables proximity verification and contactless transactions for merchants, financial service providers and mobility companies.
- Mocafi is a financial services platform designed to help the underbanked with digital banking and credit building along with personal wealth coaching.
- MO Technologiesoffers an innovative credit scoring model for financial and non-financial institutions that helps to extend more credit products to more customers in all segments.
- Panda Remitis building a global financial platform where money is borderless, allowing for safe, convenient and low-cost money transfers.
- Paycode provides a low-cost biometric online and offline banking and payment system that solves the three key challenges of the unbanked last mile: identity, connectivity and cost.
- Fanbank/Plink is a commerce automation platform created to help grow small businesses by increasing customer lifetime value, attracting local shoppers and transforming point-of-sale terminals.
- Subaiooffers a white-label subscription management service for banks, allowing users to track and cancel subscriptions directly from their own bank.
Start Path companies will have an opportunity to connect to partners in Mastercard’s global ecosystem of banks and merchants as well as technology and digital players with the goal of scaling their businesses and delivering transformative solutions.
With more than 250 startups in the Start Path program since its founding in 2014, these companies have gone on to raise $2.9bn in post-program investments and are delivering solutions that are transforming the future of commerce.
