PURCHASE, N.Y.—Saying it has a goal of supporting more than five-million micro and small businesses worldwide struggling to transition to digital, Mastercard — through the Center for Inclusive Growth — has announced the debut of Strive.
The worldwide effort will be funded with an initial contribution of $25 million from the Mastercard Impact Fund, Pymnts.com reported.
“This program builds on lessons learned and a body of work developed as part of Mastercard’s long-term focus on financial inclusion,” said Shamina Singh, Mastercard Center for Inclusive Growth president and founder. “By leading with an equity-intentional lens and partnership-driven approach, Strive will meet owners where they are and connect them to the resources they are telling us they need to succeed and grow over the long-term.”
Strive Community, the first of its outreach initiatives, will support more than five-million small businesses across Europe, Latin America, Africa, the Middle East and Asia in using technology resources aimed at “digitizing their operations, streamlining financial and back-office services and enhancing market access,” according to the company.
Grants will be earmarked for organizations with expertise in working with micro and small business owners.
Local Collaborations
Mastercard said it is collaborating with regional fintechs, social impact firms and charitable organizations to ensure the small businesses with the greatest need have access to tools that will streamline cash flow management, customer retention and digital progress.
In Europe, Strive Community will, at the outset, partner with fintechs to assist small businesses in Spain and France, Mastercard added.
By 2025, Mastercard said it hopes to bring one-billion people and 50-million micro and small businesses into the digital economy.