Credit card giant Mastercard today announces that it’s welcoming seven new startups into its global startup engagement program, Mastercard Start Path.
Since its inception in 2014, Mastercard Start Path has fielded applications from over 1,500 startups every year and the program has helped more than 350 businesses attract well over $3.5 billion in funding.
Successful applicants are welcomed into Mastercard’s fintech network, where they’re given “growth-essential opportunities” to collaborate, receive mentoring and tap Mastercard’s existing connections and clientele in order to accelerate blockchain, Web3, and fintech innovation.
This year’s cohort welcomes seven companies from five different countries into the fold. From the United States, there’s Web3 payments company Loot Bolt, a crypto privacy and compliance firm called Quadrata, and Uptop, which uses blockchain tech to help brands personalize their consumer experience.
The rest of this year’s intake comes from Singapore, Abu Dhabi, Colombia, and Dubai.
By bringing together various firms from different fields within crypto, Mastercard’s Start Path aims to catalyze innovation in the space and accelerate the hybridization of Web3 and emerging fintech systems with traditional finance.
Mastercard joins crypto investment trend
Mastercard isn’t the only corporation working to accelerate the growth of crypto by investing in startups.
Back in November 2021, centralized exchange (CEX) Binance announced a $100 million investment in France. The “Objective Moon,” initiative aims to develop a Binance Research and Development hub in France to recruit blockchain talent across the country and the continent.
Last April, Binance CEO Changpeng “CZ” Zhao praised France for its “pro-crypto regulations” and announced that his exchange has acquired floorspace in the world’s largest startup incubator, Paris’s Station F. The building accommodates over a thousand startups and lists Microsoft, Google, and Facebook as its partners.
The deal gives Binance’s selected startups free accommodation and access to various resources during their incubation period. They also get access to technical support and guidance from Binance’s team and partners.