Mastercard admits mobile and biometric fintechs to Start Path accelerator
Mastercard has revealed ten startups that will join its Start Path program to develop innovative solutions related to financial inclusion, digital identity and the future of commerce.
The six-month program will see the companies collaborate with Mastercard’s team to integrate the company’s technology into their own solutions.
The startups will also have access to Mastercard’s ecosystem of banks and merchants as well as technology and digital partners.
The Start Path program was created by Mastercard in 2014 and has so far accepted over 250 startups, who have raised a total of $2.9 billion in post-program investments.
The new cohort of startups includes artificial intelligence companies, firms utilizing ultrasonic data-over-sound technology, innovative credit scoring and biometric solutions.
Paycode joins the Mastercard Start Path program
According to VentureBurn, Paycode will use this opportunity to further develop the company’s biometric identity and payments platform, in order to provide Africans with more affordable financial services.
“Our selection by Mastercard to join the Start Path program will help us achieve our mission to provide 100 million Africans with low-cost access to basic financial services,” explained Paycode CEO Ralph Pecker.
The startup was founded in 2016 and has since deployed biometric payment solutions in various African countries, including Botswana, Ghana, Guinea, Mozambique, Namibia, Nigeria, Uganda, Zambia, and South Africa.
Through the help and support of Mastercard, Paycode is now looking at expanding its program to more locations in Africa.
“People in deep rural areas who have no connectivity will be able to receive payments, make purchases, and get access to credit and more without leaving their villages,” Pecker added.
Paycode’s payments platform is called EDAPT (Electronic Data And Payments Technology) and provides features like secure biometric identification, verification and authentication, and electronic virtual wallets.
It also offers international remittances, agent banking, digital biometric mobile money, and more.