Mastercard announced on Monday (May 21) the creation of Accelerate, a new initiative to drive growth in the FinTech industry.
In a press release, Mastercard said the initiative is aimed at supporting innovation in the FinTech industry via tailored support arrangements that include access to Mastercard insight, tools, technology and investments. The payment company confirmed its ongoing commitment to the FinTech sector.
“Creating this initiative is the next step in our long-term focus on being partner of choice for FinTech companies around the world,” commented Ann Cairns, vice chairman of Mastercard, in the press release. “Globally, the FinTech community is one of the most vibrant and fast-paced, and Mastercard is committed to help[ing] these fast-growing businesses unleash their full potential. With extensive experience in supporting growth of the financial services industry, Mastercard is uniquely positioned to provide the platform [that] can propel FinTech businesses along increasingly ambitious growth paths.”
Mastercard said the new initiative was designed to operate alongside its Start Path program, and will broaden and deepen its engagement with the payment portion of the FinTech community. The company said that could lead to all sorts of innovations, including next-generation digital banks.
Among the tools included in the program are Mastercard licensing specialists, which will help to expand in-market access to account expertise for speedier growth. Another benefit is access to Mastercard advisors for in-market execution support, data insights and analytics. The program also provides market-based resources for related strategic investing and accommodative early-stage collateral requirements.
Mastercard noted that it has been committed to FinTech for years, inking partnerships with startups that have become global brands. The company currently supports over 30 emerging and established digital banks in Europe.
In December, Mastercard announced the list of startup companies chosen to participate in its Mastercard Start Path program, a group the company is calling its “most diverse class” ever. A total of 11 firms selected from five countries are partaking in the program, which aims to support later-stage FinTech and technology startups. The lineup includes Railsbank, which provides businesses with access to a global banking network via application program interface (API) technology; Sensibill, which digitizes receipts to integrate into digital banking platforms; and Zeta Optima, an employee claims, fuel card and medical allowance services provider.