Mastercard is moving forward with the 2020 edition of its Start Path accelerator. The program debuted in 2014, and seeks to connect leading FinTech startups with partners who will help them scale and deliver products that address the challenges of the digital economy.
The latest cohort includes 10 startups with a range of financial specializations. For example, LISNR uses ultrasonic technology to facilitate contactless transactions, while Mocafi is trying to boost financial inclusion with a platform that provides underbanked populations with wealth coaching to help them build their credit.
Other members of the cohort are trying to enable interactional money transfers (Panda Remit), help small businesses (Lendio and Fanbank/Plink), and bring culturally relevant content to smartphone users in Africa (Carry1st). The full list of companies includes FISPAN, MO Technologies, Pay Code, and Subaio in addition to LISNR and Mocafi.
More than 250 startups have entered the Start Path accelerator since 2014. Those companies have collectively gone on to raise more than $2.9 billion after leaving the program. Mastercard itself noted that COVID-19 has created a more urgent need for solutions that can help companies process the growing volume of digital transactions.
“We all thrive when fintechs have access to the technology they need to reach scale and democratize finances,” said Mastercard Chief Innovation Officer Ken Moore. “We are partnering with the newest fintechs joining Start Path to drive inclusion, innovation and trust with alternative ways to pay and authenticate, powerful solutions for small businesses, new ways to create efficiency for business payments, as well as address the wealth gap.”
The Start Path program has been a springboard for several prominent technology companies in the past few years. In February, Mastercard made a strategic investment in Trust Stamp, a Start Path alumnus that went through the program in 2018. HYPR and Veridium are also veterans of the accelerator.