Mastercard chooses Railsbank for special program


Railsbank has been selected to join Mastercard’s largest and most diverse Start Path program class yet.

It’s one of 11 companies that have been chosen by Mastercard to join its latest Start Path class, part of a global effort to support later-stage fintech and tech startups.

Startups who join the Mastercard Start Path program receive the mentorship needed for long-term success.

The 11 companies are from across five countries and are working on the widest array of innovations the program has seen to date said Mastercard. They are developing new ways to use blockchain, protect digital identity, digitize donations and manage healthcare data, among other solutions.

Railsbank co-founder and CEO Nigel Verdon said: “This is a great honour for the company and we are delighted to have been chosen to participate in one of the best programs of this type in the world. It is a privilege to have been selected alongside some great startups and it reflects not only our core business concept, but also the management team’s hard work.”

Railsbank will receive help developing its highly successfully open banking platform.

Start Path was launched in early 2014 to provide operational support, commercial access and strategic investment for startups who are building innovative solutions in financial services and commerce. Since launch, the Start Path team has evaluated roughly 1,600 startups per year and engaged more than 150 of them around the globe.

“The diversity of Start Path proves how quickly the pace of innovation is happening in so many areas,” said Amy Neale, vice president, Mastercard Start Path. “Providing a range of companies with the resources and introductions they need to scale allows us to enable new ways to build the future of commerce together.”

These and other startups in the program will connect with a host of global Mastercard executives and partners from banks, digital giants and retailers at the third annual Start Path Summit 2017. A substantial number of companies in attendance have engaged in active pilots as a result of the Start Path program.

The complete list of Start Path companies in this class are:

·         AID:Tech delivers digital entitlements transparently through blockchain technology and digital identity.

·         B.well makes managing healthcare and insurance simple by unlocking insights on patients.

·         Flutterwave is fostering digital payment acceptance and infrastructure for banks and businesses across Africa.

·         Goodworld powers the world’s only technology for frictionless hashtag payments on social media.

·         HYPR reduces the risk of data breaches by eliminating the need for a centralized credential store.

·         Mobeewave enables smartphones to accept contactless payments without external hardware.

·         Railsbank gives companies access to a global banking network through simple APIs.

·         Sensibill’s platform turns everyday purchase receipts into a core part of the digital banking experience.

·         ShieldPay‘s instant digital escrow facility enables everyone, everywhere to transact with each other in total confidence.

·         Trunomi unlocks the power of customer data using data rights management.

·         Zeta Optima is a new way to manage employee claims, fuel card, medical allowance and other tax saving benefits.

These companies will work with Start Path against a tailored plan to help them scale.

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About Railsbank

Railsbank is a banking and compliance platform which connects a global network of partner banks with companies who want API (Application Programmer Interface) access to global banking.

Railsbank simplifies on-boarding companies to its banking partners, then gives access via the Railsbank API to banking services such as creating digital ledgers, connecting digital ledgers to real bank accounts, issuing IBANs for ledgers, receiving money, sending money, converting money (FX), collecting money (direct debit), issuing cards, and managing credit. 

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