MasterCard Connects Startups to Its Global Network of Big Brand Partners
November 16 2015 - 12:01AM
Business Wire
MasterCard Launches Its First Start Path
Global Class to Reshape the Future of Commerce
MasterCard today announced the new startups comprising the
first global Start Path class. During the six-month program,
participants will obtain customized mentoring from MasterCard
experts, access to the company’s commercial partners and the
opportunity to integrate with MasterCard solutions. The startups
will also have access to nearly 40 startups that have been
previously mentored by Start Path.
Launched in 2014, MasterCard Start Path is a global effort to
support innovative early stage startups developing the next
generation of commerce solutions. This initial class of early-stage
startups, selected from more than 200 applicants, are using big
data, mobile and cloud-based applications to build digital
relationships, empower consumers and simplify complicated tasks.
Hailing from all corners of the globe, they are also diverse in
terms of team size, level of funding, revenue and sales
pipeline.
“Through our local efforts to support developing fintech
partners, we quickly saw the need for a more globally-inclusive
program that provides startups access to new markets without
uprooting them,” said Stephane Wyper, global lead for MasterCard
Start Path. “This program creates just that – a geographically
diverse way to help some of those new to the market build
partnerships with more established players as a way to accelerate
their growth.”
The digital shift in commerce is proving to be a happy hunting
ground for startups. However, out of all startups with great
products and services, 50 percent fail in the first five years1 due
to lack of mentorship, access to new markets and connections with
partners.
Over the next six months, Start Path Global participants will
take part in immersion weeks hosted in Berlin and Singapore, and
receive ongoing virtual support from the MasterCard network. The
Start Path mentors will help them tackle business problems and
introduce them to new opportunities around the world.
“We are excited to work with the Start Path team to approach new
markets and give our solution a competitive edge as we grow and
scale,” said Paul Chapman, chief executive officer of Moneytree.
“We find MasterCard Start Path Global compelling because it is not
a corporate accelerator — instead, it is a partnership built to fit
the needs of our business.”
The inaugural MasterCard global Start Path class includes:
- Control helps businesses
understand and manage their online payments. Integrated with
multiple global payment processors, Control delivers real-time
payment analytics, customer intelligence and fraud tools to any
device.
- Moneytree helps customers
instantly answer the question: where, when and how am I spending,
saving and investing my money.
- Rainbird uses artificial
intelligence to help businesses capture human expertise in
software. This helps scale knowledge within a company through
virtual, smart tools.
- VATBox maximizes visibility,
governance & VAT recovery by providing CFOs & corporate tax
executives better visibility into their global VAT expenses.
About MasterCard Start Path
MasterCard Start Path is a global effort to support innovative
early stage startups developing the next generation of commerce
solutions today. Start Path was launched in 2014 with an objective
to help early stage startups partnering with each startup to grow
their businesses faster than they could by themselves. Startups can
benefit from the knowledge of a global network of MasterCard
experts, access to MasterCard customers and partners, and the
ability to innovate on top of MasterCard solutions. For more
information visit www.startpath.com or follow MasterCard Start Path
on Twitter at @MAstartpath. For US-based startups MasterCard works
in partnership with Silicon Valley Bank on Commerce.Innovated.
About MasterCard
MasterCard (NYSE:MA), www.mastercard.com, is a technology
company in the global payments industry. We operate the world’s
fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in
more than 210 countries and territories. MasterCard’s products and
solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more
secure and more efficient for everyone. Follow us on Twitter
@MasterCardNews, join the discussion on the Beyond the Transaction
Blog and subscribe for the latest news.
1 According to a Gallup Poll
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version on businesswire.com: http://www.businesswire.com/news/home/20151115005068/en/
MasterCardChaiti Sen, 917-408-2912chaiti_sen@mastercard.com
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