Mastercard drives global startup ecosystem

FinTech News

Mastercard recently welcomed ten startups to its Start Path program at the Mastercard Connecting Tomorrow Forum in Barcelona as part of its efforts to drive the startup ecosystem. Start Path is the company’s global initiative to provide startups with the operational support and commercial access needed to scale. The program brings together a global network of innovators ranging from startups to banks and merchants to shape the future of commerce in an agile and accelerated manner. Start Path evaluates roughly 1,600 applications per year and invites about 40 later-stage startups to participate each year.

Representing numerous countries including Jordan, Nigeria, Mexico, Australia, Singapore, the UK and the US, the participating startups are developing innovative financial services technologies that exemplify a new level of innovation and convenience in customer experience. During the Mastercard Connecting Tomorrow Forum, the selected startups were given the opportunity to pitch their ideas to an audience of more than 250 potential investors and partners.

“Startups are reimagining all touch points of the consumer lifecycle and we must harness their unique approach to addressing emerging challenges to our advantage. Through the Mastercard Start Path program we are able to combine our assets and expertise with the startup community’s out-of-the-box ideas and unconventional business models to shape the future of commerce together,” said Gaurang Shah, senior vice president, Product Management, Digital Payments & Labs, MEA, Mastercard.

The ideas presented by startups ranged from new approaches to enabling small merchants to accept payments and manage personal data and digital identities, to solutions that allow consumers to pay together for e-commerce transactions, as well as programs that empower citizens to be in control of their financial obligations across multiple geographies.

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