Image L to R: Jitto Arulampalam Co-founder and CEO – RedOwl; Thushan Shanmugarajah Co-founder and CTO – RedOwl
AUSTRALIA – 19 August 2024 – Melbourne-based AI start-up RedOwl has been announced as the only Australian and APAC company selected to join the latest cohort of Mastercard’s prestigious Start Path Small Business Program. This recognition places RedOwl among an elite group of eight startups from around the world chosen for their potential 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. RedOwl, co-founded by Jitto Arulampalam and Thushan Shanmugarajah, is pioneering the development of the world’s first AI-embedded ‘smart’ corporate card. Their vision is to automate, predict and control all business spending using the reasoning power of AI.
Since 2014, Mastercard has engaged 430 startups from 57 countries through Start Path, with many of these companies entering the public markets, reaching unicorn status and entering extended commercial engagements.
RedOwl Co-founder & CEO, Jitto Arulampalam said: “We are incredibly excited that RedOwl joins the amazing cohort of global Fintech’s who have been handpicked to join the Mastercard Start Path Program! Through the program, Mastercard will provide the RedOwl leadership team with weekly mentorship, tailored assistance programs and most critically, access and introductions to the multinational’s global ecosystem of financial partners.”
As part of the Start Path program, Mastercard offers curated programming and a dedicated sponsor who helps selected companies identify innovation opportunities and facilitate introductions to prospects.
“As the fintech landscape continues to evolve at a rapid pace, Mastercard is embracing opportunities to support and collaborate with startups to build the future of small business innovation through the Start Path startup engagement program,” says Sabrina Tharani, SVP of Global Fintech Programs at Mastercard. “Mastercard has selected RedOwl to join its ecosystem of innovators and will provide opportunities to access its network of partners, mentorship opportunities, and resources to support their scaling journey.
RedOwl tackles critical challenges in business spending by addressing “spend blindness” caused by fractured data and lack of adequate controls. SMEs often struggle to operationalise existing data to gain predictive intelligence and comprehensive oversight of their expenditure. “Our AI technology eliminates data silos and enables predictive intelligence, giving finance leaders the insights needed to optimise cash flows” said Thushan Shanmugarajah, co-founder and CTO of RedOwl.
About RedOwl:
RedOwl is a Melbourne-based AI-powered fintech startup focused on revolutionizing business spend management. Co-founded by Jitto Arulampalam and Thushan Shanmugarajah, RedOwl is pioneering the development of the world’s first AI-embedded ‘smart’ corporate card. The platform leverages advanced AI to automate, predict, and control all aspects of business spending, providing finance leaders with predictive intelligence and comprehensive oversight to optimize cash flows. RedOwl is committed to eliminating spend blindness for SMEs, empowering them with seamless, data-driven financial solutions that enhance operational efficiency and business resilience.
