On Monday, credit card giant Mastercard announced the launch of its new initiative for fintech startups called Accelerate. According to Mastercard, the initiative is designed to support the ambitions of players in the FinTech sector through tailored support arrangements including access to insight, tools, technology, and investment to support innovation. Designed to operate alongside the successful Start Path program, Accelerate notably expands and deepens the credit card company’s engagement with the payment FinTech community including the next generation of digital banks. While sharing more details about the program, Ann Cairns, Vice Chairman of Mastercard, stated:
“Creating this initiative is the next step in our long-term focus on being partner of choice for FinTech companies around the world. Globally, the FinTech community is one of the most vibrant and fast-paced, and Mastercard is committed to help these fast growing businesses unleash their full potential. With extensive experience in supporting growth of the financial services industry, Mastercard is uniquely positioned to provide the platform which can propel FinTech businesses along increasingly ambitious growth paths.”
Mastercard also reported that tools include dedicated Mastercard licensing specialists to support market expansion, in-market access to account expertise to fast-track growth, and unparalleled ability to connect to comprehensive processing assets. Resources will include Mastercard Advisors for in-market execution support, data insights, and analytics. The program also provides market-based resources for related strategic investing and accommodative early-stage collateral requirements. The company then added:
“Mastercard has been committed to FinTech for many years, fostering partnerships with pioneers who have grown into global brands. Mastercard currently supports over 30 emerging and established digital banks in Europe alone. Mastercard research shows unequivocally that consumers are engaging with digital banking with greater frequency, and with greater expectation. The market opportunity for ambitious digital banking businesses and FinTechs is clear and Mastercard is prepared to help them seize it.”
Mastercard included an infographic of the program, which is featured below.
