Kyiv: Mastercard has selected five Ukrainian fintechs working on remote identification services, online lending, automation of financial monitoring reporting as well as solutions for small and medium-sized companies for the Start Path Ukraine program.
The Start Path Ukraine program was specifically designed by Mastercard for Ukrainian fintech companies to support their growth and contribute to Ukraine’s economic recovery. During the six-month program, the selected Ukrainian startups will receive access to resources, mentorship, and networking opportunities with experts. In addition, the startups joining the program will receive grants of $10,000 each.
The Start Path Ukraine program is supported by the National Bank of Ukraine and the Ministry of Digital Transformation of Ukraine.
The main criteria for selecting participants included the relevance of solutions for the Ukrainian market, innovation, potential to scale and the opportunity to have a positive impact on Ukraine’s economic recovery.
“Despite the current challenges, Ukrainian fintechs remain resilient and innovative,” said Inga Andreieva, General Manager, Mastercard Ukraine and Moldova. “We believe that fintech startups can make a significant contribution to the country’s recovery, and we are happy to support them in creating solutions for the development of the digital economy, financial inclusion and innovative customer experience.”
The companies selected to join the Mastercard Start Path Ukraine represent the following solutions:
- AML Point – a turnkey solution for anti-money laundering officers of financial institutions that allows automation of financial monitoring procedures, including data storage, analysis and reporting, with adherence to legal requirements.
- Electronic KYC – is a SaaS (Software as a Service) which helps banks and fintechs to rapidly scale their client bases by minimizing client’s efforts to open an account and fully automating customers’ acquisition process.
- Neofin – a comprehensive solution for launching consumer lending, covering all stages of the loan product life cycle, including onboarding, identification and verification, credit decision-making engine, loan management and servicing systems.
- RemOnline – all-in-one platform for SMEs, helping automate a full cycle of operations, including orders processing, sales, customer relationship management, inventory management, finance, payroll, and analytics.
- Zhabka – an innovative payment solution for entrepreneurs, allowing them to issue and pay bills in various social networks and messaging applications without the need to leave a chat with a customer.
The Start Path Ukraine initiative builds on Mastercard’s ongoing strategy to support the Ukrainian people and the country’s economy. The strategy includes partnerships with banks to ensure the resilience of their infrastructure via cloud connectivity solutions, implementing Digital First programs for mobile-only banking with a physical card option, partnerships with merchants, expanding cashless services, and partnering with other organizations to simplify person-to-person transactions within the country.
The Start Path Ukraine is one of the latest additions to Mastercard Start Path, an award-winning global startup engagement program that enables fintech startups at mature stages of development to scale quickly through unique access to Mastercard’s technologies, expertise, and network of partners worldwide. Start Path includes numerous programs dedicated to startups with underrepresented founders as well as those in digital assets, open banking, small business and other spaces. Start Path has supported more than 350 startups from 42 countries around the world and today many of these companies are entering the public markets, reaching unicorn status, and pursuing extended commercial engagements with Mastercard.