Mono, a Nigerian startup that helps connect consumers’ bank accounts to financial applications, will be part of the Start Path Open Banking global program, Mastercard said.
Mono was selected alongside other four companies that will join the network of more than 300 startups that have participated in the award-winning Start Path startup engagement program.
They will have an opportunity to engage with Mastercard’s ecosystem of banks, merchants, partners, and digital players across the globe to deliver and scale open banking solutions.
TechEconomy understands that Mastercard had launched the Start Path Open Banking global program to engage open banking startups on their path to scale, uncover unique opportunities to co-innovate, and powerful experiences that enable consumer choice.
The companies handpicked for this inaugural class (Dapi, Finantier, mmob, Mono and Paywallet) – demonstrate strong synergies with Mastercard’s tech-driven approach and are committed to putting consumers and small businesses at the center of where and how their financial data is used to further access services they want and need.
During the three-month program, startups will have an opportunity to leverage Mastercard’s open banking expertise and market insights and learn more about the company’s open banking platforms through wholly-owned subsidiaries Finicity and Aiia.
As an early advocate of open banking across the globe, Mastercard has bolstered its open banking capabilities by blending its proprietary technology and expertise with the complementary services of Finicity and Aiia.
Mastercard’s market-leading technology platforms, data connectivity and infrastructure, combined with strong data privacy and security principles, provide a global infrastructure that is catalyzing innovation and creating solutions that meet customers where they are.
“Open banking is a natural progression of how Mastercard has always embraced innovation and consumer trust with equal measure, and how we’ve remained a trusted partner for our customers,” said Blake Rosenthal, Executive Vice President, Fintech & Segment Solutions at Mastercard.
“We are thrilled to launch the Start Path Open Banking program and welcome five high-growth startups from around the world to collaborate with us and accelerate open banking innovation.”
From making financial services accessible for all to providing the tools businesses need to build next-generation financial products, the following fast-growing open banking companies have been selected to join the Start Path Open Banking program: