Mastercard has announced its largest and most diverse class to enter the Mastercard Start Path program – the company’s global effort to support later-stage fintech and tech startups.
The 11 selected companies from across five countries are working on the largest array of innovations the program has seen to date. They are developing new ways to use blockchain, protect digital identity, digitize donations and manage healthcare data, among other solutions.
Mastercard launched Start Path in early 2014 to provide operational support, commercial access and strategic investment for startups who are building innovative solutions in financial services and commerce. Since launch, the Start Path team has evaluated roughly 1,600 startups per year and engaged more than 150 of them around the globe.
“The diversity of Start Path proves how quickly the pace of innovation is happening in so many areas,” said Amy Neale, vice president, Mastercard Start Path. “Providing a range of companies with the resources and introductions they need to scale allows us to enable new ways to build the future of commerce together.”
These and other startups in the program will connect with a host of global Mastercard executives and partners from banks, digital giants and retailers at today’s third annual Start Path Summit 2017. A substantial number of companies in attendance have engaged in active pilots as a result of the Start Path program.
One of these companies is NetPlusDotCom that joined the program in April 2016 and recently collaborated with Mastercard to design an ecommerce solution for Nigerians to increase their confidence in online shopping. To participate, consumers must preauthorize their payments to the e-tailer, but payments are not processed until the consumer confirms they are happy with the goods after delivery.
“We joined Start Path because we were excited about the possibility of collaborating with a leading global payment technology company, but we got much more out of the program,” said Wole Faroun, founder and CEO of NetPlusDotCom. “Being exposed to international markets and receiving mentorship by top professionals in our industry allowed us to launch a joint solution within months of being in the program.”
The latest Start Path companies are:
- AID:Tech delivers digital entitlements transparently through blockchain technology and digital identity.
- b.well makes managing healthcare and insurance simple by unlocking insights on patients.
- Flutterwave is fostering digital payment acceptance and infrastructure for banks and businesses across Africa.
- Goodworld powers the world’s only technology for frictionless hashtag payments on social media.
- HYPR reduces the risk of data breaches by eliminating the need for a centralized credential store.
- Mobeewave enables smartphones to accept contactless payments without external hardware.
- Railsbank gives companies access to a global banking network through simple APIs.
- Sensibill’s platform turns everyday purchase receipts into a core part of the digital banking experience.
- ShieldPay‘s instant digital escrow facility enables everyone, everywhere to transact with each other in total confidence.
- Trunomi unlocks the power of customer data using data rights management.
- Zeta Optima is a new way to manage employee claims, fuel card, medical allowance and other tax saving benefits.
These companies will work with Start Path against a tailored plan to help them scale. Applications for the next six-month virtual program will be accepted through 11:59 p.m. ET on Monday, January 15, 2018. The program is open to startups who are rethinking banking, payments and commerce and have raised a significant seed or Series A round of investment. Interested startups can visit https://www.startpath.com/ for additional information and to submit an application.