MasterCard Welcomes Next Generation of Commerce Companies to Start Path Global Program
June 21 2016 - 06:00AM
Business Wire
Diverse class includes startups in
blockchain, conversational commerce, smart transportation, cyber
security and personal money management
MasterCard today announced the 2016 summer class of its Start
Path Global program – the company’s global effort to support
innovative early-stage startups developing the next generation of
commerce and fintech solutions. Selected from 500 applications
spanning 60 countries, these companies have developed solutions
that deliver simple, secure and frictionless commerce
experiences.
Launched in 2014, Start Path has worked with more than 60
startups, helping them scale their operations and enter new markets
and industries. This new class of early-stage companies hail from
all corners of the globe and are varied in terms of their team
size, level of funding, revenue and sales pipeline.
“The companies selected for this class are unbundling
traditional commerce and financial services and reconstructing
products that offer better consumer experiences,” said Stephane
Wyper, global lead for MasterCard Start Path. “They are altering
the world of commerce by using powers of mobile, big data, and
analytics, moving to mainstream at a very fast pace.”
The program helps startups tackle business problems and
introduce them to new opportunities around the world. The support
provided by this six-month, virtual program ranges from operational
and commercial support, to investment. For example, ClubApp, an
Irish startup that provides sports clubs with a platform to share
live updates from matches while generating match statistics, has
integrated Qkr! with MasterPass technology to enable its members to
pay clubs fees and buy club merchandise via the app. Rainbird is
currently working to build an artificial intelligence-driven
virtual assistant to augment knowledge-sharing and decision-making
across the MasterCard UK loyalty sales team. Razorpay, an online
payment gateway in India has received investment from MasterCard
through the Start Path program.
"We were inspired by the success stories that have emerged from
Start Path to apply for a spot in the program and are looking
forward to collaborating with MasterCard," said Leanne Kemp, CEO
and founder of Everledger. "The opportunity to learn from a global
leader that champions emerging technology is perfectly aligned with
Everledger's innovation ethos, and we can't wait to get started on
building new applications and use cases in this environment to help
grow our business."
The startups will join MasterCard for an immersion week in
London, working on customized projects throughout the six month
virtual program, and followed by the Start Path Global Partner
summit in New York in November. There, they will engage in
in-person advisory sessions and be introduced to MasterCard
partners like Rakuten, TSYS (Total System Services, Inc.) and Royal
Bank of Canada.
The summer 2016 Start Path Global class includes:
- Cyberfend – This startup
provides a security solution that protects web and mobile
applications from sophisticated attacks and fraudulent activity.
Cyberfend's solution detects account take-over, payment fraud and
stolen credentials.
- Everledger – This startup uses
blockchain technology to track and protect diamonds and other
luxury goods on their lifetime journey. It uses the distributed,
ledger system to reduce fraud-related instances of valuables,
providing verification of an item's authenticity and ownership to
insurance companies, financiers, owners and law enforcement.
- Itembase –Itembase helps
consumers create an itemized, running list of their purchases
history from 100,000s of retailers and brands and trigger actions
in any 3rd Party Consumer Apps like selling on eBay, track and
claim warranty, add products to insurance, get a credit, store
invoice, collect cashback or any other actions that can be
triggered by a purchase throughout the item lifecycle.
- Mozio – Mozio is an airport
transfer search and booking engine that enables users to find the
fastest means of getting to and from the airport. Its airport
transportation search engine aggregates ground transportation data
and allows travelers to plan their trips to and from an airport by
taking into account bus, train, ferry and subway schedules.
- PayKey – This startup enables
payments within any social network. With PayKey, customers enjoy
the security of the trusted banks within their favorite
applications, making everyday payments and banking easier and more
efficient than ever before.
- RecargaPay – RecargaPay is
Brazil's leading mobile payments platform for everyday purchases.
It allows consumers in Latin America to top up their prepaid mobile
phones and pay for their utility bills as well as those of their
friends and family. It is now expanding into financial services for
the unbanked.
- Revolut – This startup has
developed a global money app connected to a multi-currency
MasterCard that allows users to seamlessly exchange, send and spend
money in-store or online. With the app and card, it’s like having a
local bank account anywhere in the world. They no longer pay
foreign fees and can easily manage their account, including
security features via the app.
About MasterCard Start Path
MasterCard Start Path is a global effort to support innovative
startups developing the next generation of commerce solutions
today. Start Path was launched in 2014 with an objective to help
startups to grow their businesses faster than they could by
themselves. Startups that join the program 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. MasterCard customers that join the
program as partners get connected to the best and brightest
startups and gain access to innovations from across the globe. For
more information visit www.startpath.com or follow MasterCard Start
Path on Twitter at @MAstartpath.
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 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
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For MasterCardChaiti Sen, 917-408-2912chaiti.sen@gmail.com
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