A decade of innovation: Fueling fintech for the next 10 years and beyond
September 18, 2024 | By Sabrina Tharani Libby
Over the past decade, innovative fintech companies have revolutionized the financial ecosystem, reshaping traditional banking and financial systems by fostering innovation and bringing digital solutions into the mainstream to enhance efficiency, accessibility and equity.
And what an exciting decade for fintech it has been! From the widespread adoption of mobile payments and digital wallets to the evolution of AI and machine learning to the democratization of data through open banking, the past ten years have fundamentally changed the way consumers and businesses interact with financial services. Mastercard has been at the forefront of this transformation, supporting and collaborating with high-potential companies through our global startup engagement program, Start Path.
The program is a win-win for everyone: We help fintechs scale by providing them with access to curated co-innovation opportunities and introductions to our global network of banks, merchants and digital players, while fintechs help advance our product strategy to solve for customer pain points, collectively contributing to the expansion of the Mastercard ecosystem.
Start Path has helped scale businesses and drive sustainable growth across the industry, curating a portfolio of more than 400 startups from more than 50 countries that have collectively raised north of $25 billion in post-program capital. Many Start Path companies today are reaching unicorn status and exploring extended commercial engagements with Mastercard and our customers. The more than 15,000 connections we’ve made to get these startups in front of an audience of venture capitalists, financial institutions and governments, in turn, help make the digital economy stronger, safer and more inclusive.
What started in 2014 as a single program focused on the future of payments has expanded to include digital interactions and emerging technologies of all kinds. Start Path now features a number of dedicated programs for founders innovating across broad categories, from blockchain and open banking to small business solutions, acceptance technology, ESG, banking as a service, AI, loyalty, regtech, financial inclusion and more. All Start Path companies have one thing in common: They share in Mastercard’s mission to empower people and power economies.
We look forward to the next decade of innovation with our partners. In the meantime, we will be welcoming our next few cohorts of startups poised to advance the fintech landscape later this year. For more information about Start Path, click here.
Hear from our partners:
Veronica Crisafulli, CEO and co-founder of Mo Technologies: “Since the beginning, Start Path has provided the opportunity for us to connect with mentors, industry experts and companies within the fintech and banking ecosystem. It has opened the doors within the banking ecosystem to create new business opportunities and strategic alliances. This has been an amazing journey, because we are not only growing with the help of the Mastercard network, but also scaling up and expanding into new regions.” Joined Start Path in 2021
Adam Sharpe, CEO of Cardstream Limited: “Start Path accelerates what has already been a fantastically strong and successful partnership with Mastercard. The Start Path team is capable of rapidly wrapping around initiatives, testing ideas and thinking, connecting with colleagues across the globe and, importantly, helping us engage with so many strategically important businesses worldwide. We really look forward to undertaking further initiatives and opportunities with Mastercard.” Joined Start Path in 2024
Wole Coaxum, founder and CEO of MoCaFi: “We started with Mastercard from the very beginning and used the framework of its ecosystem to build a business around what we call the ‘bottom third of the pyramid.’ This mission is well aligned with Mastercard’s values and commitment to bring as many unbanked people into the digital economy as possible. The Start Path program was the jet fuel that enabled us to achieve our goals.” Joined Start Path in 2021
Irfan Khan, CEO of Mmob: “The Start Path program has allowed us to find product-market fits not only within Mastercard but also externally, by testing use cases and bringing them to market. Having the credentials and validation from one of the largest financial institutions in the world is what made us compelling.” Joined Start Path in 2022
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