Mastercard has unveiled its Start Path Open Banking global program, an effort to help open banking startups scale, uncover opportunities to innovate and create new experiences for their customers, according to a Wednesday (June 15) press release.
The companies in the inaugural class — Dapi, Finantier, mmob, Mono and Paywallet — “demonstrate strong synergies with Mastercard’s tech-driven approach and are committed to putting consumers and small businesses at the center of where and how their financial data is used to further access services they want and need,” the press release says.
Each of the companies will go through a three-month program during which they will learn more about Mastercard’s open banking platforms through wholly owned subsidiaries Finicity and Aiia.
“Open banking is a natural progression of how Mastercard has always embraced innovation and consumer trust with equal measure, and how we’ve remained a trusted partner for our customers,” Mastercard Executive Vice President, Fintech and Segment Solutions Blake Rosenthal said in the release.
The 2022 Start Path Open Banking program companies will join the network of more than 300 startups that have participated in the Start Path startup engagement program. Several Start Path alumni are entering the public markets, reaching unicorn status and pursuing extended commercial engagements with Mastercard and its customers, per the press release.
Related: Sokin, Mastercard Expand Digital Banking Partnership Across MENA
In May, United Kingdom-based global currency account provider Sokin announced an expanded partnership with Mastercard to offer consumers in almost 40 new markets across the Middle East and Africa more transparency through fixed-price payment services.
Mastercard will use the multi-year agreement with Sokin to provide solutions to more than 35 million migrant workers in the Middle East and Africa, as well as who regularly send and receive money. The partnership will also aim to give the region’s 578 million people an alternative to conventional banking services.
Sokin will offer consumers in 39 countries unlimited international money transfers and payments with no markup on transactions or hidden fees. The collaboration is an extension of existing agreements previously announced in the U.K., Europe, South Asia, Singapore, Latin America, Mexico and Brazil.
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