Mastercard Announces New Start Path Initiative Specifically Designed for Ukrainian Fintechs and Entrepreneurs
Mastercard today announced a new Start Path initiative specifically designed for Ukrainian fintechs and entrepreneurs to enable Ukrainian start-ups to accelerate their growth and help rebuild the country’s economy.
The initiative – announced at Money 20/20 Europe in Amsterdam with support from the National Bank of Ukraine and Ukraine’s Ministry of Digital Transformation – will launch this fall, with the application process opening later this summer.
The initiative will initially support five Ukrainian start-ups over a six-month period during which participants will benefit from the mentorship, access to resources and networking opportunities needed to scale, accelerate their business and make an impact. on the next phase of Ukraine’s recovery.
“Since the start of the invasion, Mastercard has played its part in supporting the Ukrainian people and economy. It is our responsibility to expand these efforts and do more collectively as an industry and as a community. “global organization to support Ukraine’s recovery. As one of the world’s leading hotbeds of innovation, it is critical that we protect Ukrainian start-ups for the health of the tech sector and economic reconstruction,” said Inga Andreieva, Managing Director, Mastercard Ukraine and Moldova, “In response to this monumental challenge, we are proud to announce this initiative. It is another step towards stability and prosperity for the Ukrainian start-up sector.” This is a path that will require collaboration, and we call on our industry peers to join us today in building a better future for Ukraine.”
“We are convinced that digital finance is important for Ukraine. It is one of our priorities and strategic areas in accordance with the NBU strategy until 2025. The development of the fintech ecosystem, in particular the start-up environment, is also an integral part of our strategy for the development of the Ukrainian financial sector until 2025. Even if Russia’s war against Ukraine continues, we already have to think about the direction to take to ensure that the financial system meets the needs of post-war recovery and economic development. will help us establish a new level of quality relations in this field. Initiatives aimed at the development of Ukrainian fintech companies and startups are therefore extremely relevant and necessary for our country,” said Deputy Governor of the National Bank of Ukraine Oleksii Shaban. The development of fintech and further digitization is the availability of a favorable environment and infrastructure. First of all, we are working to modernize the regulation of the financial market. In particular, we have made possible the implementation of the European Directive PSD2 and the concept of Open Banking in Ukraine in the coming years, as required by the new law on payment services.”
Oleksandr Bornyakov, Deputy Minister of Digital Transformation of Ukraine: “The technology sector has proven to be important for the economy, and in government we look forward to supporting the future development of the industry. We have a long-term strategy to make Ukraine the biggest European IT hub. It’s all there: talented developers, a favorable start-up ecosystem and the best tax conditions. The digital economy will play a vital role in Ukraine’s reconstruction and recovery. Therefore, investing in Ukraine is investing in the future of the democratic world.”
To see Oleksandr Bornyakov’s full speech to Money 20/20, please click here.
The new Start Path initiative builds on Mastercard’s ongoing strategy to support the people of Ukraine and the country’s economy. To date, this has included strategic partnerships with banks to ensure the resilience of their infrastructure through cloud connectivity solutions; “Digital First” programs for mobile-only banking; partnerships with merchants, expanding its “purchase with cash withdrawal” service; and to partner with other organizations to simplify person-to-person transactions in the country.
Additionally, Mastercard partnered with the Ukrainian Ministry of Digital Transformation to launch the Diia.Business Consulting Center for Ukrainian SMEs in Warsaw in May this year. The Mastercard Center for Inclusive Growth also announced a philanthropic commitment of $1.9 million to support the stability and well-being of displaced Ukrainians currently residing in Poland.
This initiative is the newest addition to Mastercard’s global Start Path programming. To date, Start Path has backed over 300 start-ups around the world and today these companies are entering the public markets, achieving unicorn status and entering into expanded business engagements with Mastercard. Notable Start Path alumni include CNote, Doconomy, Revolut, and Subaio.
Note to editors:
Mastercard Start Path is Mastercard’s award-winning worldwide program for late-stage, innovative start-ups around the world. It enables late-stage technology start-ups to grow rapidly with unparalleled access to technology, solutions expertise and Mastercard partners around the world.