Mastercard Announces 10 FinTechs to Participate in Latest Start Path Program
Mastercard is once again looking toward the future of FinTech, announcing the 10 startups that will join the company’s Start Path program. This year’s selected companies include: Carry1st, FISPAN, Lendio, LISNR, Mocafi, MO Technologies, Panda Remit, Paycode, Fanbank/Plink, and Subaio. These startups will participate in a six-month program where they will not only work on developing their own platforms but also explore opportunities to integrate Mastercard’s infrastructure and technologies.
Reflecting on the Start Path program in general and this year’s participants specifically, Mastercard’s Chief Innovation Officer Ken Moore said, “We all thrive when fintechs have access to the technology they need to reach scale and democratize finances. 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, new ways to create efficiency for business payments, as well as address the wealth gap.”
Founded in 2014, Mastercard’s Start Path has included more than 250 startups. In turn, these companies have gone on to raise a combined total of $2.9 billion after their time in the program. Of course, this latest iteration arrives at a time when the need for new financial technology tools has accelerated due to the global pandemic. As Mastercard notes, the worldwide FinTech market is expected to reach $310 billion by 2022.
The announcement of the latest Start Path participants continues what’s been a big year for Mastercard and FinTech partnerships so far. Earlier this year, it was revealed that the card company could be working with SoFi, recently resulting in a new credit card from the latter company. Elsewhere, Mastercard is currently in the process of acquiring Finicity. However, it seems that regulators may take issue with this purchase — especially since the Department of Justice just filed suit against Visa in a bid to block their similar acquisition of Plaid. Finally, in response to the pandemic and increased demand for contactless shopping experiences, the company is working with Delaware North, Dunkin’, White Castle, and others to pilot programs based on Mastercard’s Shop Anywhere and AI Powered Drive Through technologies.
With the Start Path class of 2020 featuring companies covering mobile payments, business finance, credit scoring models, money transfers, and much more, there’s a lot that could come out of the program. What’s more, while it may feel awkward to admit, the timing couldn’t be much better for these startups as the FinTech industry is undergoing recontextualization in the current economy. With all that considered, this Start Path program will certainly be one to keep an eye on.