Strive kicks off with initial commitment of $25
million in philanthropic funding to strengthen financial resilience
and growth of small businesses globally
Micro and small enterprises are important contributors to job
creation and global economic development, representing
approximately 90% of business and more than 50% of employment
worldwide. However, the pandemic necessitated a rapid shift to
digital platforms and processes that have created new opportunities
but also pushed many to the brink of failure. To address the
transition to digital, Mastercard - through the Center for
Inclusive Growth - today launched Strive, a global initiative
focused on strengthening the financial resilience of small
businesses and supporting their recovery and growth.
With an initial philanthropic investment of $25 million from the
Mastercard Impact Fund, Strive will help more than five million
micro and small businesses around the world access the tools and
resources they need to digitize.
“When small businesses thrive our local communities and
economies thrive, but when they struggle, the impact is
widespread,” said Michael Miebach, CEO of Mastercard. “What small
business owners need right now are partners who will listen to them
and develop innovative solutions that will help them grow in the
wake of the pandemic. It comes down to an investment in making
their success our success. That’s what makes programs like Strive
so critical today and tomorrow.”
“This program builds on lessons learned and a body of work
developed as part of Mastercard’s long-term focus on financial
inclusion,” said Shamina Singh, President and Founder of the
Mastercard Center for Inclusive Growth. “By leading with an
equity-intentional lens and partnership-driven approach, Strive
will meet owners where they are and connect them to the resources
they are telling us they need to succeed and grow over the
long-term.”
A Data Insights Led Initiative
As part of the Strive initiative, global platforms will combine
with localized programs to address and respond to the unique
challenges and opportunities of the most vulnerable small business
populations in regions across the world.
Strive Community – the first of these programs – will impact
more than five million small businesses across Europe, Latin
America, Africa, the Middle East and Asia. With the support of
Caribou Digital, a research and advisory firm focused on aiding the
development of inclusive and ethical digital economies, the program
will help small businesses utilize technology resources that will
digitize their operations, streamline financial and back-office
services and improve market access to ensure they succeed in our
modern economy. Grants will be allocated to organizations that are
experienced in working with micro and small business owners.
“We are excited to partner with Mastercard to provide small
businesses with the tools they need to reach their potential in a
digital world,” said Chris Locke, founder of Caribou Digital. “By
partnering with a wide range of interconnected organizations, the
program will deliver valuable resources for digitization and foster
further innovation, while enabling us to drive impact at
scale.”
With a data insights first approach, Mastercard is responsibly
working with regional fintechs, social impact firms and non-profit
organizations to ensure the most vulnerable small businesses have
access to secure tools and resources that will simplify their
ability to manage cash flow, gain and retain customers and prosper
digitally. In Europe, Strive Community will initially partner with
fintechs to support small businesses in Spain and France.
Supporting the Most Vulnerable Businesses with a Local Market
Focus
Strive UK, the second program launched as part of the Strive
initiative, aims to bolster the financial resilience and unlock the
growth of 650,000 U.K. micro and small enterprises through
personalized advisory services, data science-driven tools, and
insights and digitization support. Working together with local
small business focused NGOs including Enterprise Nation, Digital
Boost and Be the Business, while complementing UK government
efforts such as Help to Grow, Strive UK will focus on providing
dedicated resources to the most vulnerable small businesses
including those that are women and minority owned.
The Urgency of Accelerating Small Business Growth
Even before the pandemic, small businesses were falling behind
their larger competitors in integrating digital technologies in the
way they do business. A European Union survey in 2019 found that
roughly 80 percent of large businesses had implemented at least one
digital technology versus only 30 percent of micro businesses.
Today’s announcement builds on Mastercard’s $250 million
commitment to support small businesses’ financial security made
last year. Strive extends Mastercard’s longstanding commitment to
financial inclusion, with efforts underway to bring in a total of
one billion people and 50 million micro and small businesses with a
focus on 25 million female entrepreneurs into the digital economy
by 2025.
Quote Sheet
John W.H. Denton, AO, Secretary General of the International
Chamber of Commerce: “Small businesses around the world
continue to play a critical role in rebuilding a more inclusive and
sustainable economy. Technology-driven, partner-led financial
inclusion programs of the kind developed by Mastercard can help
small businesses strengthen their operations and will propel them
into this new digital-first era we now inhabit.”
Rebecca Marmot Chief Sustainability Officer, Unilever:
“Small businesses are key to Unilever’s growth and need more
support than ever. As the world becomes increasingly digital, we
have an opportunity to ensure that business owners are part of the
transformation. This has shaped our collaboration with Mastercard
in Kenya and will continue to fuel the impact-driven work that we
do together. By helping small businesses digitize, Strive Community
will put small businesses on a pathway to resilience and growth,
and create a more sustainable and prosperous economy.”
Assel Zhanassova, Ministry of Trade and Integration of the
Republic of Kazakhstan: “Micro and small businesses are a
critical part of the economy in Kazakhstan and we must prioritize
their resilience and growth. We welcome Mastercard’s efforts to
support small businesses through the Strive Community program and
other initiatives, and we look forward to exploring how we can
continue to partner on these efforts.”
Timothy Ogden, Managing Director, Financial Access Initiative
at NYU Wagner: “Ensuring those hit hardest by the pandemic have
the right support to recover their work and income must be a global
priority. Programs like Strive, which focus on helping small and
micro businesses access evidence-based tools and know-how to build
financial resilience and grow their businesses are essential.”
Matthew Gamser CEO, SME Finance Forum: “If we hadn’t seen
clearly before that managing the transition from paper to digital
money, from paper to digital contracts, and from physical to
digital business is critical to the future of small businesses
worldwide, COVID made sure this was right in front of our faces
everywhere. That’s why I’m so excited to welcome the launch of the
Mastercard Center for Inclusive Growth’s Strive Community program,
which will help small but dynamic businesses to navigate these
changes. I expect Strive to find new, lower cost, more scalable
ways to support SME digitalization and growth.”
Zahra Omar, Entrepreneur, Egypt: “When you’re running a
small business there’s often no one to ask for advice. You’re the
founder, the manager, the doer - all in one. But to grow a business
and take the right decisions, advice and support from those that
have done it before is essential. Since signing up to the
MicroMentor digital mentorship platform, I can get support whenever
I want from wherever I am. My mentor has helped me solve problems
and grow my business in the face of the economic and political
challenges here in my country – and the advice is worth thousands
of dollars to me!”
Asia Tabassum, Entrepreneur, Pakistan: “The pandemic has
provided new challenges not experienced before. But part of our DNA
as entrepreneurs is to adapt. Finding support to transition our
services online has opened us up to new customers and therefore new
revenue streams. Without this, we may have struggled to survive.
For any small business trying to work out a way forward my message
is simple: ensure you have a digital footprint and your team knows
how to work online.”
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of the
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all. www.mastercard.com
About Caribou Digital
Caribou Digital is a research and advisory firm that helps
clients change the world through building inclusive and ethical
digital economies. Our team of experts works across a range of
sectors and businesses, from startup financing to data analytics,
to financial inclusion and the use of space for development, to
ensure our clients lead the field in the use of technology to
deliver equitable and sustainable development.
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version on businesswire.com: https://www.businesswire.com/news/home/20210921006176/en/
Casey Stavropoulos casey.stavropoulos@mastercard.com
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