Mastercard Empowers Open Banking Startups to Scale and Expand Consumer Choice
June 15 2022 - 9:00AM
Business Wire
Five open banking startups from around the
world join new Start Path Open Banking program to access resources,
expertise and tools to grow
Mastercard has launched the Start Path Open Banking global
program to engage open banking startups on their path to scale,
uncover unique opportunities to co-innovate and power experiences
that enable consumer choice. The companies handpicked for this
inaugural class – Dapi, Finantier, mmob, Mono
and Paywallet – demonstrate strong synergies with
Mastercard's tech-driven approach and are committed to putting
consumers and small businesses at the center of where and how their
financial data is used to further access services they want and
need.
During the three-month program, startups will have an
opportunity to leverage Mastercard’s open banking expertise and
market insights and learn more about the company’s open banking
platforms through wholly-owned subsidiaries Finicity and Aiia. As
an early advocate of open banking across the globe, Mastercard has
bolstered its open banking capabilities by blending its proprietary
technology and expertise with the complementary services of
Finicity and Aiia. Mastercard’s market-leading technology
platforms, data connectivity and infrastructure, combined with
strong data privacy and security principles, provide a global
infrastructure that is catalyzing innovation and creating solutions
that meet customers where they are.
“Open banking is a natural progression of how Mastercard has
always embraced innovation and consumer trust with equal measure,
and how we’ve remained a trusted partner for our customers,” said
Blake Rosenthal, executive vice president, Fintech & Segment
Solutions at Mastercard. “We are thrilled to launch the Start Path
Open Banking program and welcome five high-growth startups from
around the world to collaborate with us and accelerate open banking
innovation.”
From making financial services accessible for all, to providing
the tools businesses need to build next-generation financial
products, the following fast-growing open banking companies have
been selected to join the Start Path Open Banking program:
- Dapi (United Arab Emirates) is an open banking
payment API that provides an experience for accepting
account-to-account payments and tools for enterprise payments
operations.
- Finantier (Indonesia) is an open finance platform
powering the technical infrastructure for financial inclusion and
enabling the next generation of digital and financial services
across Southeast Asia.
- mmob (U.K.) seamlessly integrates third-party
products into the financial ecosystem via its proprietary tool
without coding.
- Mono (Nigeria) enables businesses in Africa to
access financial data and process direct bank payments.
- Paywallet (U.S.) helps lenders and other
financing providers improve payment certainty by enabling
repayments directly from payroll deductions and powering
underwriting decisions based on accurate identity, employment and
payroll data.
These five companies will join the network of more than 300
startups that have participated in the award-winning Start Path
startup engagement program. They will have an opportunity to engage
with Mastercard’s ecosystem of banks, merchants, partners and
digital players across the globe to deliver and scale open banking
solutions. Today, Start Path alumni are entering the public
markets, reaching unicorn status and pursuing extended commercial
engagements with Mastercard and its customers.
Start Path is a key program within the Mastercard Developers
portfolio, a single point of entry for fintech companies in open
banking and beyond to access the APIs, services and tools they need
to iterate at each stage of their journey, transform bold ideas and
achieve scale at a fast pace to bring more people into the digital
economy.
Interested startups can apply for future Start Path Open Banking
classes here.
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 our
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
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Media: Jen Langione +1 (914) 408-2941
jen.langione@mastercard.com
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