Mastercard announces next generation fintech accelerator
Mastercard has announced the next generation of Accelerate, its programme to drive growth at scale for fintech start-ups, reports Jane Connolly.
Accelerate 2.0 features three new advancements, including Global Reach, Mastercard’s new card-issuing territory expansion service.
Fintechs in the programme will also have access to Mastercard Premium Products. Plus, Mastercard has streamlined its product requirements, with one singular framework for all consumer cards and commercial propositions in all 31 European Economic Area (EEA) countries.
“Transactions with our top five fintech customers increased more than ten-fold in just one year, reaching almost 400 million in 2018,” says Jason Lane, EVP market development Europe at Mastercard.
“With a portfolio of initiatives and tools, such as Accelerate 2.0, providing professional measures, constant evolution and convincing results, we can comfortably offer a customised, non-standard approach for all fintechs, and indeed digital giants, from product to execution.”
Mastercard has invested more than $90 million in fintech support over the last 18 months.
The suite of initiatives includes: Start Path; for late-stage start-ups who want to partner with Mastercard and their customers; Engage, which connects banks and merchants with technology partners to deploy new services; and API Developer Zone, for developers who want to access standardised products and services from Mastercard and its partners.