MasterCard Inc. (NYSE:MA) has welcomed ten fintech companies from across the globe to take part in Start Path, its award-winning startup engagement program, to boost the future of commerce. The company is helping fintech firms accelerate how they change the world by bridging the digital divide and addressing the needs of the underbanked.
Start Path initiative for co-innovation and opportunity discovery
The financial services company will work with the fintech companies through a six-month program to co-innovate and discover opportunities leveraging MasterCard’s expertise, network, and technology to drive the future. The company’s innovation collaborative approach means investing in solutions that can bring people into the digital economy, boost trust, and secure transactions.
Considering the COVID-19 pandemic has necessitated the shift to digital experiences because of changing consumer behavior, there is a need to create innovative tech solutions. Technology has been the difference in developed and developing countries between surviving and thriving.
Ken Moore, MasterCard’s Chief Innovation Officer, said that when fintech firms access technology, they need to democratize finances and reach scale everybody thrives. He said that the company is partnering with some of the newest fintech companies joining the Start Path initiative to drive innovation, inclusion, and trust with different paying and authenticating ways. The collaboration will help them in creating efficient ways for business payments and bridge the wealth gap.
Fintech products and services market to reach $310 billion by 2022
Currently, the market for fintech products and services globally is projected to hit $310 billion by 2022, and the pandemic has not dampened the sector’s prospects. MasterCard is the preferred partner of choice for most fintech firms globally because of its commitment to driving new innovations and solutions with its Start Path network partners.
Some of the players selected to join the Start Path network include Carry1st, Lendio, FISPAN, LISNR, Mocafi, MO Technologies, Paycode Fanbank/Plink, Subaio, and Panda Remit. The Start Path firms will have an opportunity to connect to MasterCard’s global network of merchants, banks, and tech and digital players to scale business and deliver new solutions.