Mastercard Launches New Start Path Programming Dedicated to Supporting Minority-Owned Startups

New programming complements Mastercard investments in minority focused VCs including Authentic Ventures, Fearless Fund, CNote and The Astia Fund

Venture capitalists invest less than 3 percent of funding to Black founders, resulting in fewer success stories. Mastercard today announced the launch of a new Start Path track dedicated to supporting traditionally underrepresented fintech founders as the company continues its work to ensure minority led startups have access to the funding necessary to scale.

The new programming is part of Mastercard’s In Solidarity commitment of $500 million in products, services, technology and financial support to help close the racial wealth and opportunity gap. While Start Path has historically engaged growth and expansion stage startups, this new pathway will provide support for early-stage startups led by Black, Indigenous, People of Color and women. These startups will receive stage-relevant support, including enterprise partnership readiness training, mentorship and coaching, as well as curated commercial and investor introductions. Mastercard will consider grants or investments in participating startups on a case-by-case basis.

“To achieve inclusive growth, which ensures that the benefits of a growing economy extend to all segments of society, people need access to the vital networks that power the modern economy. But access to these physical, virtual and social networks is not equally available,” said Michael Froman, Vice Chairman and President of Strategic Growth, Mastercard. “A remarkably small percentage of venture capital is invested in Black-founded startups, and the new Start Path programming track is a critical step in connecting Black entrepreneurs with the necessary resources to launch and expand their start-ups.

The first participant to join this program is SpenDebt, which automates consumer debt repayment, and joined Start Path in April. The programming was informed by insights provided by underrepresented founders, including those of Start Path alumni Goalsetter and Mobility Capital Finance. Both companies have now received capital investments from Mastercard to help provide financial services to underserved communities with a specific focus on providing tailored digital tools, and new payment cards to low wealth minority and Black communities.

“We are humbled and excited about the opportunity to leverage Mastercard’s global footprint as part of their Start Path program. The partnership validates SpenDebt in the marketplace and accelerates our growth trajectory,” said Kiley Summers, Founder, SpenDebt. “As a Black founder, it’s been extremely difficult to access capital and penetrate enterprise customer networks, but resiliency and faith have sustained us. We look forward to extending our frictionless digital payment solution to Mastercard’s partners, customers and network.”

Start Path participants receive direct access to the company’s channels, customers and product teams as well as immersive virtual events and programming to uncover co-innovation and growth opportunities. All startups will also be paired with a dedicated Start Path sponsor who will act as their program champion and work to ensure they receive relevant support, as well as a Mastercard mentor whose expertise matches their business area.

Early-stage startups can apply to the program via the Start Path online application form.