Mastercard has been pushing the innovation envelope in payment technology since the early 70’s. As the company has grown, it has made its vision to drive growth and development in the fintech industry by launching various programs, including the Start Path. The program started in 2014 and has recently been revamped to include blockchain and digital assets.
In this article, we’ll cover Mastercard’s Start Path Blockchain and Digital Assets Program, discussing its objectives, components, perks, and how it’s shaping the future of fintech.
What’s the Start Path Program?
Think of the Start Path program as the company’s helping hand toward innovative fintech startups. It’s been around for a decade and was recognized as the World’s Best Corporate Accelerator in 2020 when it took the lead at the Corporate Startup Stars Awards. It’s a global platform that’s supporting over 250 startups with the tools, resources, and mentorship they need to push through a competitive market. The program’s alumni include companies like Aider, Ellevest, FraudNet, and MoneyThor. All of them have hit successful career milestones thanks to Mastercard’s extensive network of partners, customers, and experts.
Zeroing in on Blockchain and Digital Assets
The Start Path program isn’t just about helping startups succeed. It’s also there to seed and nurture innovation and “outside-the-box” thinking in fintech. Blockchain technology and digital assets no doubt take the cake when it comes to innovation.
The decentralized technology behind cryptocurrencies such as Bitcoin, stablecoins, and tokenized assets is en vogue, thanks to its safety and transparency in exchanging and storing value. Mastercard, of course, recognizes this. That’s why the company has strategically integrated blockchain into the Start Path program.
Crypto and blockchain-focused startups such as GK8, Mintable, Taurus, Domain Money, STACS, and SupraOracles have launched successfully through the Start Path. This is a win-win for Mastercard. Not only does it stay ahead of the curve, but it also stays relevant against the backdrop of a financial landscape that changes by the minute.
The Backbones of the Start Path Blockchain and Digital Assets Program
If you’ve got a blockchain-focused fintech incentive you wish to launch, it’s a good idea to understand the different components of the Start Path Blockchain and Digital Assets Program.
Mentorship and Guidance
Nothing boosts the entrepreneurial spirit like receiving first-hand guidance from industry professionals. That’s exactly what the Start Path program offers. If there’s anything Mastercard has no shortage of, it’s an entire task force of seasoned fintech veterans. They provide startups with personalized mentorship and insights into industry best practices, regulatory compliance, and market strategies.
Access to Mastercard’s Network
Mastercard’s network spans over 210 countries and territories globally. It links up more than 22,000 financial institutions, and over 2.6 billion people are Mastercard holders. That’s 32.5% of the world’s population. Imagine being able to tap into this network as a startup. You can do it with the Start Path program. It grants you access to Mastercard’s extensive network, enabling you to strike strategic partnerships, pilot your solutions, and scale your startup’s operations more effectively.
Technical Support
Under the Start Path program, your startup gets full-on technical support. You can use this to lay the groundwork for your blockchain solutions. This includes integrating Mastercard’s systems and other financial networks, interoperability support, advanced security enhancements, and technical resources such as APIs and development tools. The support you’ll receive from Mastercard ensures that you can build and test your solutions more efficiently. You’ll also learn how to encrypt data, detect fraud, and secure data handling practices. Mastercard’s engineering and product teams are happy to help you fix bugs, boost your solution’s performance, and get the ball rolling on development processes.
Additional Perks for Startups
Your startup can enjoy many more perks under the Start Path Blockchain and Digital Assets Program. Here are just a few:
Global Exposure
Even if your startup features the next big blockchain innovation, it’s still challenging to be visible in a sea of competition. With the Start Path, you’ll automatically gain international exposure through Mastercard’s global platform. It’ll give you the visibility and credibility you need to get noticed in the market. Mintable, currently one of the world’s biggest NFT marketplaces, made a name for itself on the international stage by using the global exposure that came with the Start Path program.
Market Validation
Mastercard is a household name that’s recognized all over the world. Associating with them under the Start Path program gives your business the stamp of legitimacy. This shows potential investors that your solutions are credible and inventive – qualities that any client looks for in the marketplace. Uphold, for instance, used its participation in the Star Path program as a lever to validate its solution’s scalability and reliability in handling international financial transactions. It has since become one of the most successful digital money platforms.
Real-World Testing
Most startups don’t have enough resources to test out their solutions in real-world scenarios. Mastercard gives you that chance with its Start Path Blockchain and Digital Assets resources. You’ll be able to test and iterate your solutions in risk-free sandbox environments. Mastercard’s experts will also be there to give feedback throughout the testing phase. Before you know it, your solution will be ready for the market, and you can pitch it to potential investors.
Strategic Partnerships
Strategic partnerships and collaborations during the initial stages of your startup can help you leapfrog the competition. The Star Path program makes this happen by putting you in touch with financial institutions, merchants, and other technology companies.
How Do I Apply to the Star Path?
Applying to Mastercard’s Start Path Blockchain and Digital Assets program is a straightforward process. The first step is to meet the eligibility criteria:
- Show that your solution clearly differs from everything else in the market
- Address a real pain point for a specific market
- Show potential for market impact and have a scalable business model
- Demonstrate a strong focus on blockchain tech and/or digital assets
- Have a working prototype or a minimally viable product (MVP)
- Have a solid, experienced team with established roles and a history of successful entrepreneurship
- Prove that your solution has raised investments (seed, Series A, or later) and plans to secure the next round of institutional funding within 18 months
- Be open to opportunities and mentoring, with goals for global expansion
If your startup meets the above criteria, you can simply apply through the Start Path website by submitting a detailed application. Mastercard’s expert panel will then review your application. They’ll evaluate the technology you’re pitching, your startup’s market potential, and whether it jells well with Mastercard’s goals. If your startup makes the cut, you’ll be invited to participate in the program.
Pro Tip on Acing the Application Process
Here’s a nugget of wisdom: You can also increase your chances of being invited to join the Start Path by clearly presenting your startup’s value proposition. Mastercard’s panel needs to confirm that there is a demand for your solution in the market and that you have a strong team to back you up.
The Impact and Future Prospects of Start Path
Mastercard’s Start Path Blockchain and Digital Assets Program has already made its mark on fintech. The startups from around the world who have joined the program report significant growth in their operations, increased funding, and a broader market reach.
Everledger, a company that uses blockchain to track the provenance of valuable assets, has expanded its services globally and raised substantial investment thanks to the program. Peter Janes, the founder of Shieldpay, credited Start Patch for his company’s success, stating: "The program was invaluable in helping Shieldpay grow.” Kulipa from France, UK-based Parfin, Singapore’s Paeg, Venly from Belgium, and Triangle from the U.S. are just some of the many Start Patch program graduates, each making waves in the blockchain sector.
Blockchain and digital assets are staples of fintech. This means that we can expect nothing less than a promising future for both the Start Path program and the startups it onboards. Mastercard already has plans to attract more talent with groundbreaking solutions that will break the mold when it comes to innovations in blockchain and fintech.
Become Another Success Story with Mastercard’s Start Path
Mastercard’s Start Path Blockchain and Digital Assets Program is the perfect stepping stone for smaller companies that most likely wouldn’t have had the chance to present their solutions without the proper resources. It doesn’t matter where the startup is from. As long as the potential is there, Mastercard will recognize it and take the company under its wing. Global reach, mentorship, resource access, pilot projects, real-world scenario testing, and an unbeatable global network are just some of the perks that startups benefit from with the Start Patch program.
