South Africa fintech Paycode has been selected as one of 10 international startups for the Mastercard Start Path program.
The initiative is design for later-stage startups in particular, with it designed to help accelerate growth and expansion, as well as leveraging the network of solutions and technologies that Mastercard boasts.
“Scale-ready startups like Paycode will benefit from the knowledge of a global network of Mastercard experts, technologies and channels,” explains a press release sent to Hypertext.
The selection is potentially a landmark moment for the startup, as Mastercard Start Path receives approximately 1 500 startups applications a year, with only 2 percent accepted.
For that small number though, success often follows, as over 250 startups have participated in the program according to Mastercard, and collectively have gone on to raise $2.9 billion in venture capital.
“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,” adds Paycode CEO Ralph Pecker.
Currently operating in South Africa, as well as eight other countries on the African continent, including Botswana, Ghana, Guinea, Mozambique, Namibia, Nigeria, Uganda and Zambia, it will prove interesting to see if the acceleration offered by Mastercard will help Paycode achieve its 100 million customer target.
Given the success of previous startups that took part in the Mastercard Start Path, it bodes well for this local fintech.