Under the program, Mastercard will work with the companies for six months to help uncover ways in which they can leverage its technology, expertise and network to push their businesses forward. Mastercard said it aims to invest in solutions that help bring more people into the global digital economy, instill customer trust and deliver secure interactions.
Mastercard noted that the ongoing pandemic has triggered a surge in digital commerce, with the global market for FinTech products and services expected to grow to $310 billion by 2022.
“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, on Monday (Nov. 9). “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, and new ways to create efficiency for business payments, as well as address the wealth gap.”
The latest Start Path class has 10 participants from around the globe: Carry1st, FISPAN, Lendio, LISNR, Mocafi, Mo Technologies, Panda Remit, Paycode, Fanbank/Plink and Subaio.
Mastercard said the Start Path program will help participants scale their businesses by allowing them to connect with Mastercard’s vast global network of banks, merchants and technology partners. Roughly 250 startups have participated in the program since 2014, going on to raise $2.9 billion in post-program investment funding.
Mastercard has been very busy on the innovation front during the past few months. In May, the company announced it had launched an initiative called Recovery Insights, which provides tools and research data to help governments determine where to deliver aid and to help businesses fine-tune their operations during the pandemic.
And in September, Mastercard said it was using its Ethoca fraud and dispute resolution technology to tackle “friendly fraud,” where customers claim they didn’t make a particular transaction because they are confused by how it appears on their credit card statements.