Mastercard has launched a new global program designed to make it easier for FinTech startups to work with Mastercard to access the company’s services.
The program, Accelerate, is said to on board FinTech startups in a matter of weeks to allow them to issue cards and receive access to Mastercard’s proprietary technology, data, and cybersecurity services, with the goal of helping the startups to reach new markets.
“Fintechs are contributing to the rapid digital transformation that makes lives more convenient.”
The new program is meant to help participants connect with Mastercard through a single entry-point, offering access to the company’s portfolio of specialized programs that attempt to provide startups with support and assistance, spanning market entry to global expansion.
Accelerate will now encompass a range of Mastercard programs including Start Path, which invites later-stage startups to participate in a six-month program with a Mastercard advisor. The program is meant to provide operational support, technology expertise, and commercial engagement with Mastercard’s global ecosystem, as well as the opportunity to secure strategic investment.
Mastercard said more than 200 companies have participated in the Start Path program since it was launched in 2014, collectively raising $1.5 billion in capital. Montreal-based startup Mobeewave, which enables smartphones to accept contactless payments without external hardware, went through the Start Path program in 2018, according to Mastercard.
Other programs under Accelerate includes, Fintech Express, which provides “easy access” to a customized set of rules, resources, and digital-first services; Mastercard Engage, which connects FinTechs to thousands of Mastercard technology partners; and Mastercard Developers, which provides APIs to give engineers access to Mastercard payment, security, and analytics services through SDKs and sample code..
Michael Miebach, chief product and innovation officer at Mastercard called Mastercard Accelerate “a single doorway” to the different ways that Mastercard looks to help FinTechs grow and scale.
“Fintechs are contributing to the rapid digital transformation that makes lives more convenient, simpler, and rewarding,” he added. “For our financial institution partners and customers, Mastercard Accelerate provides access to the next generation of innovators, with a portfolio of startup partners and FinTechs ready to co-create and collaborate on new experiences.”