Scaling open banking to unlock fintech innovation and enable choice

June 20, 2024

Mastercard Start Path is championing nine startups across open banking and embedded finance 

Mastercard is introducing nine fintechs to the Start Path Open Banking and Embedded Finance program, supporting them on their scaling journey and shared mission to transform the financial services landscape by powering experiences that enable consumer and small business choice. From eliminating manual money movement processes to cash flow forecasting tools that help consumers stay in control, these fintechs are broadening networks that support global data exchange.  

The Start Path program provides exposure to Mastercard’s market-leading open banking technology, data connectivity and analytics offerings. Participating companies also receive access to Mastercard’s ecosystem of banks, merchants, partners and digital players across the globe. Participating startups receive curated programming and a dedicated sponsor who can provide guidance and expertise as well as make introductions to prospects. In turn, these startups look around corners, stay on the edge of emerging technologies and share insights to unlock fintech innovation.  

The following companies have been handpicked for Start Path and are poised to create a more connected, inclusive and innovative financial ecosystem: 

audax (Singapore): Supercharges banks’ growth with plug-and-play digital banking solutions to enable new business models such as Banking-as-a-Service and digital banking


“Banking-as-a-Service (BaaS) is what will power the future where Embedded Finance becomes the norm. BaaS enables the seamless integration of financial products into customer journeys and empowers banks to embed their services into various ecosystems, ensuring scalability, reliability and compliance,” says Kelvin Tan, CEO of audax. “By leveraging BaaS, banks can enhance customer experience, reach new segments and create innovative revenue streams, making financial services more accessible and integral to daily life.”

Crediwire (Denmark): Offers small businesses easier access to data liquidity and insights that build better financial performance  


“Our vision revolves around open banking—an innovative avenue that grants small businesses the same opportunities as other large industry players,” says Nicholas Meilstrup, CEO of Crediwire. “By harnessing the power of live data analytics tailored to their unique needs and market dynamics, we're streamlining access to finance and enhancing financial outcomes to provide actionable insights that pave the way for growth and prosperity, one business at a time."

Fonto (Australia): Helps businesses make better decisions through a live consumer data and insights ecosystem 


“We realized that daily transaction data provided a much more accurate read of consumer behavior for the world of market research and consulting,” says Ben Dixon, CEO of Fonto. “We are excited about the future of open banking as it means less friction, a more accurate and secure data feed, as well as better quality and speed of data for the long term.”

LinkMoney (U.S.): Enables customers to pay merchants directly from their bank accounts, creating more equitable and efficient payments 


“Link Money envisions a future where open banking can democratize financial services, providing consumers with more control over their financial data and offering more cost-effective payment options,” says Eric Shoykhet, CEO of Link Money. “As open banking continues to evolve, it will lead to a more inclusive financial ecosystem, reduce transaction costs and enhance the overall payment experience for both merchants and consumers.”

Monite (Germany): Enables neobanks, vertical software-as-a-service platforms and payment providers to embed invoicing and bill pay into their interface


“For most B2B platforms, enhancing user experience and providing personalized, contextually relevant financial solutions without embedded financial workflows is impossible – building these features in-house is both costly and time-consuming,” says Ivan Maryasin, CEO of Monite. “Ready-to-use, compliant and easily integrated solutions are crucial for transforming B2B payments and embedded financial products, and Monite's mission is to ensure this transformation is successful.”

NoFrixion (Ireland): Automates money operations, eliminating manual processes for businesses when sending, saving and receiving money 


"We saw - and suffered from - the complexity of financial operations in our last business; facing barriers to efficiently scale, we knew that software could fix the problem and that drove us to create NoFrixion,” says Feargal Brady, CEO and co-founder of NoFrixion. “We envision a future where businesses can design and build the banking and payments services they need for their own unique business - using our platform of course.”

Payitoff (U.S.): Operates as an outcome engine for consumer debt, enabling banks and established fintechs to effortlessly attract and retain customers, starting with student debt solutions, and expanding to other banking products 


“My wife and I were burdened with six-figure student loans and debt which made home ownership and family planning seem impossible – we realized the pressing need for guidance on these types of difficult financial decisions,” says Bobby Matson, founder of Payifoff. “At Payitoff, we aim to provide consumers with the crucial insights they need to make informed choices at the financial institutions they trust, and open banking is a pivotal element in driving these decisions at scale, empowering individuals to take control of their financial future.”

PocketSmith (New Zealand): Delivers personal finance software that goes beyond budgeting, enabling consumers to reach their goals through money management and forecasting  


“I was compelled to answer the question of whether or not I was able to afford to do the things I want to do and today we help people in 190 countries plan for the future by using their financial data in intuitive and interactive ways,” says Jason Leong, CEO and co-founder of PocketSmith. “Looking ahead, open banking will give our customers better visibility into their finances while reducing friction, making it easier for them to achieve their financial goals.”

Quiltt (U.S.): Removes technical and commercial barriers to build on open banking through a unified API for data and enrichment on one contract 


“Quiltt was born out of our frustrations building a personal finance app, instead of focusing on our core product, we were spending our limited engineering resources struggling to set up reliable account connectivity. We knew there had to be a better way for the next wave of fintech entrepreneurs,” says Ruben Izmailyan, CEO and co-founder, Quiltt. “Our mission is to dramatically lower technical barriers to help make the ecosystem more accessible to all types of builders.”

Mastercard has supported more than 430 startups from 57 countries through the Start Path program, many of which have gone on to enter public markets, achieve unicorn status, and establish extended commercial engagements with Mastercard and its customers.   

The Start Path Open Banking and Embedded Finance program is open to companies that have demonstrated product-market fit with solutions focused on open banking, open finance or open data. Interested startups can apply to the four-month engagement program here.  

Media contact: Julia Ross, Mastercard Global Communications, (732) 713-8526,