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Two African Fintech Startups Selected For Mastercard Global Startup Program

Two African fintech startups have been selected for the Mastercard global startup Start Path.

The two startups which will be joining 8 others from around the world are Nigeria’s Carry1st and South Africa’s Paycode.

Mastercard will work with these companies through a six-month program to co-innovate and uncover opportunities that leverage Mastercard’s technology, expertise, and network to drive the future.

Commenting, Ken Moore, Chief Innovation Officer at Mastercard said of the new entrants accepted into the Start Path: “We all thrive when fintechs have access to the technology they need to reach scale and democratize finances.

“We are partnering with the newest fintechs joining Start Path to drive inclusion, innovation, and trust with alternative ways to pay and authenticate, powerful solutions for small businesses, new ways to create efficiency for business payments, as well as address the wealth gap.”

The global market for fintech products and services is expected to hit $310 billion by 2022, and not even the current crisis has dampened the industry’s prospects. As a partner of choice for fintechs worldwide, Mastercard is committed to driving what’s next and building new solutions with partners such as those in the Start Path network.

Mastercard Start Path scours the globe to identify and partner with emerging players, and the following have been selected to join the program:

  • Carry1st is a Nigerian startup bridging the digital divide by leveraging mobile technology, payment gateways, and culturally relevant content to serve the first generation of African smartphone users. It recently raised $2.5 million led by CRE Ventures Capital.
  • Paycode provides a low-cost biometric online and offline banking and payment system that solves the three key challenges of the unbanked last mile: identity, connectivity, and cost.

Start Path companies will have an opportunity to connect to partners in Mastercard’s global ecosystem of banks and merchants as well as technology and digital players with the goal of scaling their businesses and delivering transformative solutions.

With more than 250 startups in the Start Path program since its founding in 2014, these companies have gone on to raise $2.9 billion in post-program investments and are delivering solutions that are transforming the future of commerce.

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