MasterCard gives Israeli start-ups credit for innovation
The international payments company is always scouting for new technology – and loves doing it in Israel, executives say
MasterCard is back in Israel, looking for the Next Big Thing in financial tech start-ups. After running the MasterCard Innovation Award event in Israel for three straight years, the company is back for a fourth time searching for the best fintech start-ups, which will vie for a chance to present their technology to MasterCard Labs heads in Dublin – with the big prize enrollment in MasterCard’s new Start Path accelerator.
Begun last September, the Start Path program seeks top fintech companies from Europe and the Mediterranean, and enrolls companies in a four-month program to help them streamline their technology, and spend the following eight months integrating their technology in MasterCard’s ecosystem. Among the companies currently in the program, for example, are firms that combine digital banking with social media, provide mobile identity and authentication management services to banks and credit card companies, and offer enhanced loyalty platforms based on customer profiles.
None of the companies in the current round are Israeli, but Stephane Wyper, Global Leader of MasterCard Start Path, would be very happy to host some. Wyper and other top MasterCard executives will be in Israel next month to judge the start-ups at an event on February 17.
Candidate start-ups will have secured seed funding and be pre-series A, with a live or beta product with commerce-focused technology in areas such as biometrics and payment security, customer authentication intelligence and insight, e-commerce and m-commerce (mobile commerce) technology, online marketplaces, loyalty and rewards, and location-based services.
Applications will be accepted until February 6, with fifteen start-ups chosen to present before Wyper and the MasterCard executives, and the winners sent to Dublin to participate in the finals in March. The next Start Path program begins in April.
Financial technology is quickly becoming one of Israel’s strongest technology suits, according to Garry Lyons, MasterCard’s Chief Innovation Officer. In 2014, over 50 start-ups applied for the Innovation Award competition.
“We don’t have a research and development center in the country right now, but we come here all the time to look at start-ups,” said Lyons at the 2014 event. “I continue to be impressed by the level of innovation in Israel and quality of its entrepreneurs. Israel is a fantastic place, especially for things like security technology and payment technology — both things that naturally interest a company like ours.”
Fifty-four companies applied for the Innovation Award competition last year, said Andras Hemberger, MasterCard Israel Country Manager. “Israel has established a reputation for being an extremely innovative country, and I am pleased that MasterCard Labs sees the value of exploring the wealth of technologies and new business ideas being developed locally. MasterCard, as a leading technology company understands that innovation and new ideas can come from anywhere, and is excited to see what Israel to offer.”
Wyper couldn’t agree more. “Israel’s culture of innovation and its extensive start-up community make it an ideal location for this event,” he said. “We’re excited to hear from some great companies and inviting new Israeli start-ups to participate in our next class of Start Path Europe.”
