SA fintech selected for Mastercard global startup program, Newsline

DURBAN – South African fintech Paycode is one of ten startups from around the world that has been selected to join the Mastercard Start Path program.

Start Path is a startup engagement program that brings together a network of innovators from across the globe to shape the future of commerce together.

Scale-ready startups like Paycode will benefit from the knowledge of a global network of Mastercard experts, technologies and channels.

Amy Neale, Senior Vice President, Start Path & Fintech at Mastercard said, “Mastercard has selected Paycode to join its Start Path ecosystem of innovators and will provide them with the tools, resources and the mentorship they need for success on their scaling journey”.

The initiative will accelerate Paycode’s efforts to drive financial inclusion in Africa through its renowned biometric identity and payments platform, EDAPT. Paycode which started in South Africa, already operates in several African countries including Botswana, Ghana and Mozambique amongst others.

“Our selection by Mastercard to join the Start Path program will help us achieve our mission to provide 100 million Africans with low-cost access to basic financial services. People in deep rural areas who have no connectivity will be able to receive payments, make purchases and get access to credit and more without leaving their villages,” said Paycode CEO Ralph Pecker.

Mastercard Start Path has connected with nearly 10,000 startups around the world since its founding during 2014.

Over 250 startups have participated in the program and, collectively, have gone on to raise $2.9 billion (R45.15 billion) in venture capital.