Mastercard Announces 10 FinTechs to Participate in Latest Start Path Program

Home » FinTech » FinTech News » Mastercard Announces 10 FinTechs to Participate in Latest Start Path Program

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.

Comments

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

Insurtech Company Hippo Scores $350 Million Investment

Palo Alto-based insurtech startup Hippo just announced that it's raised another $350 million. The impressive raise comes exclusively from Mitsui Sumitomo Insurance Company, Limited and brings the company's total funding to date to $709 million. Instead of being aside a letter, the round is being described as simply a "venture...

Bitcoin Continues to Surge, Nearing All-Time High

In 2017, Bitcoin enjoyed a famed run that saw the cryptocurrency's value climb to nearly $20,000 per coin before plummeting back down to earth. Now, nearly three years later, the asset is making another run at that record. Since October 1st, the price of Bitcoin has nearly doubled, going from...

Vennfi Raises $2.3 Million Ahead of Charityvest Platform Expansion

Even as 2020 begins to wind down, FinTech deals continue to roll in. Last week, Vennfi announced it had raised $2.3 million in funding. The seed round was led by former DCM Ventures partner Tom Blaisdell with participation from Teamworthy Ventures, Duro.vc, Sovereign's Capital, and Promus Ventures along with individual...