Mastercard has selected five startups for its engagement programme Start Path to uncover opportunities that address the needs of SMEs on their digitalisation journey. The startups, namely Cumplo, DigiAlly, PayGoal, Tribe Fintech, and Uome have joined the inaugural Mastercard Start Path Small Business cohort to discover joint innovation opportunities and scale solutions that help drive simple, secure digital experiences for SMEs worldwide.

Mastercard’s Start Path programme and what it means for SMEs As per the information detailed in the announcement, small and medium enterprises are thought of as ‘the backbone of our economies’ and ‘cornerstone of our communities’, however, due to the expedited shift to digital and the changing customer needs, SMEs are faced with increased pressure to keep up with the evolving expectations. Technology is bringing forth a new era of choice, simplicity, and personalisation, and changing the way businesses carry out payments and get paid. From making and receiving payments and having access to working capital to digitising their business and maintaining accessible, safe data, SMEs have a requirement for digital payment solutions and innovative tools to run their enterprise in an efficient and safe manner.

As such, Mastercard is welcoming the first selection of fintechs dedicated to SME innovation to its global startup engagement programme Start Path, to uncover opportunities that will help address the extensive range of SME needs on their digitalisation journey. The above-mentioned startups have been selected for the programme as they showcase strong synergies with Mastercard’s approach to helping entrepreneurs grow their businesses and offer solutions beyond payments that are set to help SMEs succeed. Cumplo: connects Latin America-based SMEs with global capital markets to expedite their growth.  DigiAlly: looks to build trust in SME lending through AI-enabled scoring.  PayGoal: assists Latin America-based companies in building their acceptance value proposition for merchants. Tribe Fintech: leverages an integrated ecosystem of simple digital tools and networks that aim to help SMEs make improved business decisions and better their financial health. Uome: enables simplified integration and customisation for sole traders and small business owners via a flexible, API-driven platform.

Throughout the four-month programme, the startups will be able to use Mastercard’s expertise and global network of customers and partners to discover product partnerships and opportunities that will help provide simple, secure, and trusted solutions for SMEs at scale. Each startup will be enabled access to curated programming and a dedicated mentor who will help them identify innovation opportunities and provide forums to pitch their products and solutions to prospects. Commenting on this, Jane Prokop, executive vice president, Small and Medium Enterprises at Mastercard advises that embracing digital transformation is considered a necessity in the current age.

Per their statement, the startups joining Start Path offer solutions, tools, and services that help small business owners unlock their potential in the digital world and collaborate with Mastercard to help bring SMEs into the ‘financial mainstream'. .