Mastercard has launched 'Mastercard for Fintechs', a dedicated programme for startups in Western Europe, offering access to technology support and educational tools alongside a series of fintech events with the opportunity to compete for the chance to win €50,000.
Mastercard says the programme has been designed in response to the challenging fundraising environment that fintechs have recently been facing, offering them education, expertise, networking and exclusive tools to help them stand on their two feet.
Eimear Creaven, division president, Western Europe Mastercard, says: “Our world-class programmes nurture innovation, accelerate growth and streamline program launches. Our digital tools are designed to support fintechs across every niche and at every stage of growth."
The competitive aspect of the programme is aimed at fintechs at a pre-seed, seed or series A investment stage, who have deployed a tangible sproduct in at least one of the following European countries - Belgium, France, Italy, Luxembourg, Netherlands, Spain and Portugal - in the fields of payments, Web3 and blockchain, new payment flows, banking & SMEs, embedded finance and/or sustainable technology.
Following an initial selection, participants of the European contest will take part in four local competitions that will take place from June to October in Paris, Madrid, Milan and Amsterdam, with eight fintechs competing in each city, from which two local winners will be selected.
The eight local winners will then compete in the final event, which will take place in Paris at the end of the year.
Fintechs will be required to pitch their projects in front of a jury comprising of members from Mastercard and external partners, followed by a Q&A session, with each project graded according to the team’s expertise, the innovation of the project, together with its financial health, long-term viability, scalability potential and strategic fit with Mastercard.
The winner of the final event will receive a prize consisting of €50,000 in marketing support, including access to Mastercard’s sponsorship assets, fast-track to the Start Path programme’s final selection day and mentoring support from experts and founders in the ecosystem.
Mastercard Start Path has worked with more than 380 fintechs from 54 countries, with more than 10 unicorns emerging from the programme, including Revolut, Razorpay and Airwallet. About 50 commercial deals were secured with Mastercard and its customers in 2023 alone.