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Last Updated : Dec 09, 2019 08:07 PM IST | Source: Moneycontrol.com

BharatPe the only Indian fintech selected for Mastercard’s Accelerate program

BharatPe will gain a single entry point to the global company’s portfolio of specialized programs.

Mastercard has partnered with seven fintechs to come on board its Accelerate programme. The start-ups include India’s BharatPe, Indonesia’s Eureka AI, Kenya’s Kasha, US-based Hydrogen and Ziosk, Israel’s Cyberwrite and mmuze.

BharatPe is a digital bank that enables small- and medium-sized merchants in India to accept payments. In August 2019, it had crossed $18 million transaction volume mark on a monthly basis, competing with other payment apps like Paytm, PhonePe, Google Pay, BHIM, Mobikwik and Freecharge.

These seven companies were chosen from 210 countries for their business models that attempt to mitigate the “financial impact of cyber risk for businesses, providing ecommerce platforms for women’s health and personal care, offering pay-on-demand solutions for casual dining restaurants, and much more”. With an aim to promote the adoption of digital payments and build the future of commerce, they will join the Mastercard’s Accelerate program.

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This program gives fintechs access to tools to scale their growth quickly and gain a single entry point to the global company’s portfolio of specialized programs. It also includes the award-winning startup engagement platform, Start Path, which invites later-stage startups to participate in a six-month virtual program, providing opportunities to scale and secure strategic investments.

Each year, Start Path evaluates thousands of startups around the world and carefully selects about 40 companies that offer the most promising technologies and are ready to scale. Over 200 startups have participated in Start Path since its founding in 2014, and those companies have collectively gone on to raise USD 1.5B in capital.

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First Published on Dec 9, 2019 07:57 pm
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