In support of Mastercard’s commitment to enabling the growth and resilience of small and medium-sized enterprises (SMEs), the Start Path Small Business program is welcoming eight startups from around the world to collaborate and shape the future of small business operations.
According to a Mastercard report, two-thirds of SMEs say that a seamless and frictionless digital experience is critical to their business. The latest Start Path cohort features startups that are digitizing key functions for SMEs such as supply chains, spend management platforms, onboarding, risk monitoring, embedded financial solutions and loan approvals.
"My co-founder and I, as experienced fintech entrepreneurs, are thrilled to bring the power of AI to reimagine business spending within SMEs,” says Jitto Arulampalam, co-founder and CEO of RedOwl. “The RedOwl AI assistant not only significantly improves the financial controls of an SME by removing the mundane and administrative human tasks but also generates predictive intelligence for the finance teams to optimize its cash flows."
During the four-month program, startups will have the opportunity to leverage Mastercard’s network and subject matter expertise to uncover powerful product partnerships that help small businesses on their digitization journey beyond payments.
The Start Path portfolio includes more than 430 companies from 57 countries, many of which are entering public markets, reaching unicorn status and exploring extended commercial engagements with Mastercard and its customers. Interested startups can apply for the Mastercard Start Path Small Business program here.
As SMEs embrace e-commerce and seek digital services to manage their day-to-day operations, new players are finding ways to address their most pressing demands: access to capital, automation of payments and receivables, paying international suppliers, cybersecurity and growing ESG expectations.
Mastercard is addressing the transforming needs of modern SMEs by delivering seamless, digital experiences that help businesses grow and thrive. Mastercard has pledged to bring one billion individuals and 50 million micro and small businesses into the digital economy by 2025. This year, the company announced the development of an inclusive AI tool to provide personalized, real-time assistance to the small business community. For more information about the Mastercard Small Business Community, please visit here.
