PURCHASE, N.Y.—Mastercard announced the creation of Accelerate, a new initiative to drive growth in fintech industry.
The initiative is designed to support the ambitions of players in the fintech sector through tailored support arrangements, including access to insight, tools, technology and investment to support innovation, Mastercard said.
“Designed to operate alongside the successful Start Path program, Accelerate broadens and deepens our engagement with the payment fintech community including the next generation of digital banks,” Mastercard said.
Tools include dedicated Mastercard licensing specialists to support market expansion, in-market access to account expertise to fast track growth, and ability to connect to comprehensive processing assets. Resources will include Mastercard Advisors for in-market execution support, data insights and analytics. The program also provides market-based resources for related strategic investing and accommodative early-stage collateral requirements.
“Creating this initiative is the next step in our long-term focus on being partner of choice for fintech companies around the world” commented Ann Cairns, vice chairman, Mastercard. “Globally, the fintech community is one of the most vibrant and fast-paced, and Mastercard is committed to help these fast-growing businesses unleash their full potential. With extensive experience in supporting growth of the financial services industry, Mastercard is uniquely positioned to provide the platform which can propel fintech businesses along increasingly ambitious growth paths.”
Mastercard said it has been committed to fintech for many years, fostering partnerships with pioneers who have grown into global brands. Mastercard currently supports over 30 emerging and established digital banks in Europe alone. Mastercard research shows that consumers are engaging with digital banking with greater frequency, and with greater expectation.