Mastercard recently announced its largest and most diverse class to enter the Mastercard Start Path program—the company’s global effort to support later-stage financial technology and tech start-ups.
The 11 selected companies from across five countries are working on the largest array of innovations the program has seen to date. They are developing new ways to use blockchain, protect digital identity, digitize donations and manage health-care data, among other solutions. Of the new class, India-based Zeta Optima is a new way to manage employee claims, fuel card, medical allowance and other tax-saving benefits.
Mastercard launched Start Path in early-2014 to provide operational support, commercial access and strategic investment for start-ups who are building innovative solutions in financial services and commerce. Since launch, the Start Path team has engaged more than 150 start-ups across the globe.
“The diversity of Start Path proves how quickly the pace of innovation is happening in so many areas, providing a range of companies with the resources and introductions they need to scale allows us to enable new ways to build the future of commerce together,” said Amy Neale, vice president at Mastercard Start Path.
These and other startups in the program will connect with a host of global Mastercard executives and partners from banks, digital giants and retailers at the third annual Start Path Summit 2017. A substantial number of companies in attendance engaged in active pilots as a result of the program.
One of these companies was NetPlusDotCom that joined the program in April 2016 and recently collaborated with Mastercard to design an e-commerce solution for Nigerians to increase their confidence in online shopping. To participate, consumers must preauthorize their payments to the e-tailer, but payments are not processed until the consumer confirms they are happy with the goods after delivery.
“We joined Start Path because we were excited about the possibility of collaborating with a leading global payment technology company, but we got much more out of the program,” said Wole Faroun, founder and CEO of NetPlusDotCom.
“Being exposed to international markets and receiving mentorship by top professionals in our industry allowed us to launch a joint solution within months of being in the program,” he quickly added.
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