Mastercard’s Start Path Program To Support Female and Nonwhite Entrepreneurs
In the attempt to help small businesses “not only survive but also thrive”, Mastercard has adjusted its Start Path program’s solutions. The program is now geared toward underrepresented new fintech startups led by nonwhite and female founders.
In its announcement, Mastercard says that the new efforts fall under its $500 million Solidarity commitment, a program started in 2020 and aimed to close the racial wealth and opportunity gap. This is a major step for the company’s Start Path program. Primarily created for helping expansion-stage startups, it is now also becoming a way to support early-stage startups run by female and nonwhite entrepreneurs.
The announcement promises training, mentorship, coaching, and curated investor introductions. The program will also consider grants and investments for participating startups. It is another excellent opportunity for underserved startup owners to get the funds they need, apart from taking a line of credit or a small business loan.
The vice chairman and president of strategic growth at Mastercard, Michael Froman, said: “To achieve inclusive growth, which ensures that the benefits of a growing economy extend to all segments of society, people need access to the vital networks that power the modern economy.”
Through its strategic partnerships, the program will also bring smart fintech solutions to small businesses. Mastercard has teamed up with FinGo, a UK fintech company, to integrate its biometric identity authentication with Mastercard’s Payment Gateway Services (MPGS). Its executive vice president, Keith Douglas, said that Mastercard is “looking forward to working with the team to bring more safe, simple and smart ways to pay.”
Two other notable partnerships have been announced recently. The first one is with upSWOT, a fintech platform from Wilmington, Delaware, which will help develop analytical software tools for Mastercard. These will analyze key data and sector behavior to provide Mastercard with a route to help small and medium businesses strengthen their cash flow management.
The same announcement includes the partnership with FinalPrice, Los Angeles’ travel booking app, which is bound to help SMEs cut their business costs by providing cheaper business travel opportunities.
VP Head Small Business Segment Solutions Europe at Mastercard, Marcus O’Toole, commented on the partnerships: “Our deep understanding of serving this segment and recognition of its challenges, particularly around cash flow management, allows us to enable customers to address the full spectrum of SME needs. We focus on delivering digital solutions, such as those offered in partnership with upSWOT and FinalPrice that simplify the process for small businesses so they are not merely surviving, but thriving.”
For years, the clients I worked for were banks. That gave me an insider’s view of how banks and other institutions create financial products and services. Then I entered the world of journalism. Fortunly is the result of our fantastic team’s hard work. I use the knowledge I acquired as a bank copywriter to create valuable content that will help you make the best possible financial decisions.
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