MasterCard puts five start-ups through its accelerator program

The payment processor company, in collaboration with Silicon Valley Bank, has selected five start-ups for its third iteration of the Commerce.Innovated virtual accelerator.

The program is designed to help commerce-orientated start-ups grow and become successful by refining and ameliorating their solutions. The program lasts four months during which time the companies are taught about compliance and security; monetisation and payment opportunities; effecting strategies for solution implementation.

The program also says that it will give its classes the opportunity to forge relationships with MasterCard and Silicon Valley Bank partners.

“We can also connect you directly to a future partner or customer from a select number of existing SVB and MasterCard relationships to explore opportunities for potential commercial agreements,” it said on its website.

The current crop includes start-ups such as Apruve, a B2B online commerce payments solution company. The virtual accelerator launched in 2014 and has the likes of Splitwise, an app that tracks shared expenses and IOUs, and Dash, a bar & restaurant payment splitting up.

“As we look at the future of commerce and payments, the next generation of technologies are already being developed by these early stage companies today, so we look forward to helping them continue to evolve their solutions,” said Stephane Wyper, vice president at MasterCard Labs.


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