Mastercard extends commitment to the proliferation of FinTechs
June 3, 2019 | AMSTERDAMMastercard invested more than US$90 million in 18 months alone to support the growth and scalability of the FinTechs
Mastercard today announces the next generation of its initiative to drive growth at scale for the fast-evolving FinTech industry, Accelerate.
Many household names such as Monzo, N26, Starling, Revolut, Transferwise are partners of Mastercard; and some of our partners have benefitted from our initiatives, namely Accelerate and Start Path. In order to evolve even more businesses, the next iteration of Accelerate has been developed. Effective as of June 2019, three new advancements will be included to broaden and deepen engagement with the payment FinTech community, including the next generation of digital banks.
As both FinTechs and well-established brands look to expand their international presence in payments, Accelerate now includes Mastercard’s ‘Global Reach’, a new service to enable the expansion of a customer’s card issuing into new territories across the world. Mastercard Premium Products is another new feature that grants FinTechs access to the company’s premium brand mark, when creating the next wave of first class features on their Mastercard products. Further updates have streamlined Mastercard’s product requirements; now with one singular framework spanning across consumer cards (prepaid, debit, credit) and commercial propositions, applicable across all 31 European Economic Area (EEA) countries.
Mastercard’s Jason Lane, EVP Market Development Europe commented, “Transactions with our top five FinTech customers increased more than ten-fold in just one year, reaching almost 400 million in 2018. With a portfolio of initiatives and tools, such as Accelerate, providing professional measures, constant evolution and convincing results, we can comfortably offer a customized, non-standard approach for all FinTechs, and indeed digital giants, from to product to execution.” Sharing a mutual ambition and enthusiasm for innovation, efficiency, growth and challenging the norm, Mastercard’s Global approach to different FinTech programmes and customers has led to European clients benefiting from commitments and investments of over $90MM in the last 18 months.
Anne Boden, CEO of Starling commented, “We have been working with Mastercard for more than three years. As we continue to grow our customer base, we need to ensure our partners are agile and can adapt to the needs of a fast paced digital player and Mastercard is delivering on this. They, like us, are true believers in the power of partnerships and it is testament to that belief that they continue to develop, adapt and innovate to ensure we can achieve all our business goals.”
With Accelerate offering these new updates, Start Path achieving huge success and Engage and API Developer Zone evolving their services to meet the need of high-tech innovators, Mastercard now has a full suite of initiatives to take innovators in financial services from startup to global expansion.
Mastercard suite of services for Fintech success:
Start Path – for startups that want to partner with Mastercard and our customers
An award-winning global startup engagement program that connects later-stage tech startups with Mastercard’s businesses, products and global customers. Each year the Start Path team evaluates c.2000 startups and to date has worked with +200 who have collectively raised $1.4B in capital investment.
Accelerate — for Fintechs that are current or future customers of our franchise
Provides speed to market and enables quick global expansion to Fintech customers, through a fast, simple and smooth journey
Engage - for FinTechs that want to scale faster their deployment with our customers
Helps Mastercard customers – banks and merchants - find the best qualified technology partner to deploy and/or operate their new services, reducing their time to market and increasing the quality of implementation. Engage has already registered 150 trusted Fintech partners that benefit from training programs and get their capabilities vetted against Mastercard’s quality standards.
API Developer Zone - for developers that want to access a standardised wealth of products and services from Mastercard and our partners
One of the first financial service companies to open its APIs in 2011, Mastercard API Developer Zone is the ‘One front door’ for partners to easily access a diverse range of APIs across the payments, data, loyalty and security categories.
Mastercard Payment Transaction Services – for FinTechs that need transaction payment capability, globally
We already power leading FinTechs such as N26 and are proud that in 2018 we signed a further 6 FinTechs in Europe alone and in many discussions with FinTechs that want to utilise our leading technology.
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Mastercard at Money 20/20 Europe
Mastercard will have a stand, located in the main hall at B50 at Money 20/20 Europe from 3rd – 5th June with a number of key execs available for media interviews – for more information please visit the Mastercard Newsroom for images, press releases and information or look at @MastercardEU throughout 3rd – 5th June 2019. Contact: alice.caldwell@mastercard.com
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities - such as shopping, traveling, running a business and managing finances - easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
