By Dipo Olowookere
MasterCard has called for applications for its next Start Path Global 2017 class, open to African start-ups across the world rethinking banking and payments and have also raised a significant seed or Series A round of investment.
The initiative is to support innovative later-stage start-ups reshaping the future of commerce with the focus on Africa. Applicants have been urged to submit their entries.
During a six-month virtual programme, Start Path will provide start-ups with the operational support, mentorship, and investment they need to develop the next generation of commerce solutions and grow their operations.
Selected companies will benefit from the knowledge of a global network of MasterCard experts, access to MasterCard customers and partners including global corporate brands spanning banking, retail, tech and telecoms, and the ability to innovate on top of MasterCard solutions.
According to Vice President, MasterCard Start Path, Amy Neale, “Fintech startups around the world are designing a digital future.” “They’re bringing a different approach to enhance customer choice and experience across the industry.
“Our work with these start-ups helps connect new technology with reliable, secure financial networks and processes to create an even more rewarding and seamless commerce experience.”
Since 2014, the Start Path team has received interest from 5,000 start-ups, and has worked with 100 companies across 24 countries. Through the first four classes, 20 percent of the participants have worked with MasterCard in commercial engagements or pilots.
MasterCard is collaborating with DigiSEq, an IoT payment device enabler, to connect DigiSEq device manufacturer customers with MasterCard tokenization services and enable payments on wearables.
Kasisto, the company that created the conversational KAI Banking AI platform, is currently piloting a bot for banks for MasterCard employees that allows consumers to transact, manage finances, receive contextual offers and learn about benefits via messaging platforms.
RecargaPay, a mobile payment solution that enables Latin American consumers to top-up their prepaid mobile phones and pay for utility bills, partnered with MasterCard to launch a card-on-file marketing promotion to attract new users.
Applications for the next six-month virtual programme are open until April 23, 2017.
Interested start-ups can visit https://www.startpath.com/ for additional information and to submit an application.
The programme is open to start-ups who meet solution live in market; established and experienced team; targeting sizeable market opportunity; demonstrable advantage over competitors; and seed or Series A investment recently secured.
Adedapo Adesanya