Mastercard designs Start Path initiative for Ukrainian fintechs
Mastercard today announced a new Start Path initiative specifically designed for Ukrainian fintechs and entrepreneurs to enable Ukrainian startups 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 startups over a six-month period during which participants will receive the mentorship, access to resources and networking opportunities needed to scale, accelerate their businesses and impact 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 startups 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. This is another step towards stability and prosperity for the Ukrainian startup sector. C 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,” National Bank of Ukraine Deputy Governor Oleksii Shaban said. “This is one of our priorities and strategic areas in accordance with the NBU strategy until 2025. in particular the environment for startups, is also an integral part of our strategy for the development of the Ukrainian financial sector until 2025 Even as Russia’s war on Ukraine continues, we already need to think about where the financial system should go to meet the needs of post-war recovery and the economy. the innovative financial sector will help us build quality relationships in this area, so initiatives aimed at the development of Ukrainian fintech companies and startups are extremely relevant and necessary for our country.
“We also understand that the basis for fintech development and further digitization is the availability of a favorable environment and infrastructure,” Shaban continued. “First of all, in this way we are working on the modernization of financial market regulation. In particular, we have made possible the implementation of the European PSD2 directive 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, said: “The technology sector has proven to be important for the economy, and in government we look forward to supporting the further development of the industry. . We have a long-term strategy to make Ukraine the biggest IT center in Europe. It’s all there: talented developers, a favorable startup 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 Small and Medium Enterprises 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 startups 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.