Mastercard announced on Wednesday the expansion of its Accelerate fintech portfolio by adding entrepreneurs to its startup engagement program Start Path and more technology partners to its Engage network. The additions are to provide access to expert engineers and specialists that may help customers deploy new services quickly and efficiently.
“Recognizing the important role fintechs play in the world’s rapid digital transformation, Mastercard is continuously diversifying its business by diversifying its perspective – looking to new partners and new ways to build on its core competency as a payments network.”
Speaking about the programs, Ken Moore, Executive Vice President and Head of Mastercard Labs, stated:
“With the dramatic shift towards digital payments, the rise of open banking and the growth of blockchain and cryptocurrencies, there’s never been a more exciting time to be an innovator in fintech,. Mastercard is thrilled to partner with some of the world’s most innovative startups to transform the future of commerce.”
Through the Start Path program, Mastercard welcomed 11 new startups. Since 2014, Mastercard reported that it has invited more than 230 later-stage startups to participate in its six-month virtual program.
Mastercard further explained it is also expanding its Engage program to support even more solutions and deliver better learning and promotional opportunities for partners. Engage identifies, serves, and promotes a network of more than 170 strategic partners who comply with Mastercard certification and rules to build and deploy new solutions on behalf of fintechs, banks, and merchants.
Mastercard then added that Engage has enabled more than 200 million cards to support financial growth and market entry for fintechs around the world.