Mastercard Announces SA Fintech Paycode for Global Startup Engagement Program
Mastercard announced the selection of ten later-stage startups from around the world including South African fintech, Paycode, to join the Mastercard Start Path program.
Start Path is Mastercard’s award-winning startup engagement program that brings together a network of innovators from across the globe to shape the future of commerce together. Scale-ready startups like Paycode will benefit from the knowledge of a global network of Mastercard experts, technologies, and channels.
“We are seeing an accelerated shift to digital – the bedrock of fintech – and evolving consumer habits which have created an immediate need for new solutions,” said Amy Neale, Senior Vice President, Start Path & Fintech at Mastercard. “Mastercard has selected Paycode to join its Start Path ecosystem of innovators and will provide them with the tools, resources, and the mentorship they need for success on their scaling journey.”
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The initiative will accelerate Paycode’s efforts to drive financial inclusion in Africa through its renowned biometric identity and payments platform, EDAPT. Paycode CEO Ralph Pecker commented, “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. 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.”
Paycode which started in South Africa already operates in several African countries including Botswana, Ghana, Guinea, Mozambique, Namibia, Nigeria, Uganda, and Zambia.
Mastercard Start Path has connected with nearly 10,000 startups around the world since its founding in 2014. Every year approximately 1,500 startups apply to Start Path and just 2 percent are accepted. Over 250 startups have participated in the program and, collectively, have gone on to raise $2.9 billion in venture capital.
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