Mastercard is committed to augmenting the growing fintech community through a collaboration with Copenhagen Fintech, a start-up based in Copenhagen, Denmark. The city has a strong fintech ecosystem and an important position among fintech hubs globally, as per the press release. The hub connects both start-ups, established companies, and organisations focusing on innovation and new opportunities.
Since 2020, Mastercard has strengthened its presence in Denmark. This involves the acquisition of Nets´ Corporate Services business to support a broader set of account-to-account capabilities, including clearing and settlement instant payment infrastructure, bill payment, and e-invoicing applications.
Another move was the acquisition of Open Banking platform Aiia, allowing its customers to develop and launch new digital solutions that meet the needs of everyday life. In less than two years, Mastercard has grown from just a handful of employees to hundreds in Copenhagen. The ambition is to create a strong base and develop existing and new solutions for Denmark, the Nordics, and the whole world.
Mastercard and Copenhagen Fintech are now establishing a strengthened collaboration that brings together existing and new activities with a joint focus on growth, knowledge sharing, and innovation opportunities through multiple programmes and services ranging from Open Banking to start-up programmes.
In a statement, officials form Mastercard stated that Copenhagen Fintech is a vibrant innovation hub that not only creates startups but has become a centre for technology and innovation that activates and inspires everyone in the fintech ecosystem. They now have the opportunity to help new fintechs take Nordic financial services innovation even further in close collaboration
At the same time, Mastercard supports Copenhagen Fintech's ambition to develop Copenhagen as one of the leading fintech hubs, not only in the Nordics, but also globally. It looks forward to strengthening and expanding the existing collaboration with a focus on development and growth with international perspectives.
Since Copenhagen Fintech was established in 2016, the number of startups, new jobs, partnerships, and investments in fintech has increased year after year. The interaction between innovative startups and the established industry is a part of the recipe for success, according to Copenhagen Fintech.
Hub’s officials explained that the strength of the fintech environment in Denmark lies in partnerships, collaboration, and knowledge sharing. They are happy that they can now expand the collaboration with Mastercard, which not only has a significant position within digital payment solutions and technology globally, but also sees the potential in Denmark and the Nordics as a global, digital frontrunner.
The cooperation includes, among other things, consulting and development for startups in the Copenhagen Fintech Lab and Mastercard Lighthouse, a Nordic and Baltic fintech initiative that is an innovation project and accelerator programme for startups. Mastercard supports new fintechs through its Start Path Opening Banking programme, and also participates as a sponsor and presenter at Nordic Fintech Week, which will be held on 27-28 September 2022 in Copenhagen.
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