Global payments leader Mastercard has selected five open banking startups to join its startup engagement program, ‘Start Path’. With these collaborations, it aims to accelerate financial inclusion by expanding access to digital financial experiences.
Mastercard explained that the five selected fintechs to join Start Path are putting consumers and small businesses at the centre of where and how their financial data is used to further access services they want and need.
During a four-month Start Path program, startups will gain exposure to Mastercard’s market-leading open banking technology, data connectivity and analytics offerings. These startups will also be able to access Mastercard’s industry expertise and market insights as well as engage with Mastercard’s ecosystem of banks, merchants, partners and digital players across the globe to deliver and scale open banking solutions.
The five fintechs selected range from credit scoring to delivering financial insights with AI. The five fintechs joining Start Path are:
- Algoan, a credit scoring solutions provider utilising open banking data to help lenders to make fairer credit decisions
- Blockmate, a Slovakia-based organisation connecting banking apps and crypto data to create new financial solutions
- Dimply, an intelligent customer experience solution for financial enterprises
- FinGoal, a firm analysing transaction data for financial brands to generate customer attributes and next-best actions for consumers and SMEs
- Fuse by Pave, a customer insight provider for retail banks and lenders with AI-powered analytics for transactions and open banking data
‘Propel open banking into new areas of banking and finance’
Open banking, the sharing of consumer-permissioned financial data, is a key driver of financial inclusion, bringing individuals, families and organisations together as a force for good. It empowers individuals to use their own financial data to repay loans, access capital as well as give them more choice in how they pay and get paid.
Through open banking, Mastercard is advancing its commitment to connecting one billion people to the digital economy by maximising technology and partnerships to deliver insights and access to businesses and communities.
Jess Turner, executive vice president of open banking and API at Mastercard, commented on the news. Turner said: “Mastercard partnering across the ecosystem – bringing the promise of the digital economy to more people and enabling consumer choice. We look forward to collaborating with the fintechs joining Start Path to propel open banking into new areas of banking and finance, and also create more opportunities for financial institutions, technology providers and small businesses.”
Since 2014, Mastercard has engaged with more than 360 companies from 49 countries through Start Path.