Through the program, Currensea will have the opportunity to access Mastercard’s global payments expertise – with increased collaboration with Mastercard and access to its global network which will help the fintech to scale and meet its longer-term growth plans.
Currensea is the UK’s first Open Banking debit card platform which allows organisations to offer branded debit cards without the need for their own current account – creating a simple solution for organisations looking to broaden their customer engagement.
Originally launched as a B2C proposition before expanding the offering in 2021, Currensea offers travellers savings of 85%-100% on overseas spending by removing the normal foreign exchange fees leveraged by banks and other card providers. The Currensea debit card connects to a users’ existing bank account using open banking so there is no need to open a new account.
During the Start Path Open Banking program, Currensea will get access to a combination of hands-on mentoring, co-innovation opportunities, and engagement with Mastercard’s global network of banks, merchants, partners, and digital players to help scale their business. The program provides fintechs with support including customer acquisition, market expansion, product development, and marketing.
Founded in 2014, Start Path has created more than 10,000 startup connections around the world and engaged more than 350 startups representing more than 40 countries. Today, many Start Path companies are entering the public markets, reaching unicorn status, and entering extended commercial engagements with Mastercard and its customers.
In June 2022, Mastercard launched a global Start Path Open Banking program to engage Open Banking startups on their path to scale, uncover unique opportunities to co-innovate, and power experiences that enable consumer choice.
The program receives over 1,200 applications each year and given the intense competition, has a 4% acceptance rate.
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