FinTech: Mastercard Launches Fintech Express for Emerging European Startups

June 3, 2020 | FinTech, Latest News, News
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The program aims to propel fintechs from concept to market in a matter of days.

Mastercard (NYSE: MA) announced Tuesday the launch of its Fintech Express, a program to facilitate the launch and expansion of emerging European fintechs through tailor-made solutions. (PYMNTS.com)

Fintechs welcome

Fintech Express is suited for fintechs looking to add a payment solution to their offerings, tech start-ups looking for entry into the payments segment, and established brands wanting a partnership with the card giant.

Mark Barnett, President at Mastercard Europe said in a statement: “In recent years, European startups have been driving the global transition towards more digital economies. The prodigious growth of new technology has touched our lives in numerous ways. Be it mobile payments, access to financing, or e-commerce, fintechs have become the building blocks of our modern-day payment infrastructure.”

Mastercard’s ABC approach

Fintech Express proposes to make it easy for fintech start-ups to collaborate with the company. The process is based on the A-B-C concept of Access-Build-Connect.

Participants in the program are licensed by MasterCard to access its global payments network. They then build alliances and become an Express Partner. Thereafter, they connect with other qualified Express Partners and go live with MasterCard.

Becoming an Express Partner helps enterprises by simplifying the launching of payment solutions. It shortens the process from a few months to a matter of days.

“Mastercard has already established itself as a partner of choice for fintechs across Europe and with today’s announcement we are taking the next step in further empowering them to fulfill their ambitions of scale and speed,” said Barnett.

Revolut’s card tie-up

In October, challenger bank Revolut and MasterCard tied up to partner on the issue of US debit cards.

In March this year, Revolut launched in the US. New users signing up for Revolut got both a physical MasterCard virtual one which they could load into a wallet app to use with Apple pay.

Related Story:     Revolut and Mastercard To Partner On US Debit Cards                                            

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