Mastercard (NYSE: MA) has provided an update on its efforts related to scaling open banking to unlock Fintech innovation and enabling choice.
The company states that Mastercard Start Path is supporting nine startups across open banking and embedded finance.
Mastercard is introducing nine Fintechs “to the Start Path Open Banking and Embedded Finance program, supporting them on their scaling journey and shared mission to transform the financial services landscape by powering experiences that enable consumer and small business choice.”
From eliminating manual money movement processes “to cash flow forecasting tools that help consumers stay in control, these fintechs are broadening networks that support global data exchange.”
The Start Path program provides exposure “to Mastercard’s market-leading open banking technology, data connectivity and analytics offerings.”
Participating companies also receive access “to Mastercard’s ecosystem of banks, merchants, partners and digital players across the globe.”
Participating startups receive curated programming and “a dedicated sponsor who can provide guidance and expertise as well as make introductions to prospects.”
In turn, these startups look around corners, stay on the edge of “emerging technologies and share insights to unlock fintech innovation.”
Some of the companies that have been handpicked for Start Path and are poised to create a more connected, inclusive and innovative financial ecosystem:
- audax (Singapore): Supercharges banks’ growth with plug-and-play digital banking solutions to enable new business models such as Banking-as-a-Service and digital banking
- Crediwire (Denmark): Offers small businesses easier access to data liquidity and insights that build better financial performance
- Fonto (Australia): Helps businesses make better decisions through a live consumer data and insights ecosystem
Mastercard has supported more than 430 startups “from 57 countries through the Start Path program, many of which have gone on to enter public markets, achieve unicorn status, and establish extended commercial engagements with Mastercard and its customers.”
The Start Path Open Banking and Embedded Finance program is “open to companies that have demonstrated product-market fit with solutions focused on open banking, open finance or open data.”
