Mastercard partners with Further Ventures in UAE and MENA

The partnership was announced on the sidelines of the Further Network Summit, part of Abu Dhabi Finance Week, and aims to accelerate the development of local fintech capabilities in the UAE and the wider MENA region.

Mastercard has partnered with UAE-based Further Ventures to accelerate next-generation payments and asset management infrastructure.

About the partnership

Mastercard has announced that it will leverage its advanced payment solutions, platforms, and technologies to support the shared efforts of bringing 50 million new SMEs worldwide into the digital economy by 2025. Along with this, the company is planning to invest in Further Ventures to aid the fund's growth.

The latter counts for USD 200 million in funding and is fostered by ADQ, to support startups from ideation to exit. The company partners with founders to bring forth ventures developing new financial infrastructure. These ventures include fintechs that cover wealth management, SME finance, financial inclusion, remittance, and payroll products, as well as VASPs (virtual asset service providers), which include virtual asset payments products, blockchain-based asset custody and security solutions, marketplaces, wallets, and other infrastructure aimed at the institutional market.

As per Mastercard, the collaboration with Further Ventures will enable the company to comprehend emerging opportunities in Abu Dhabi and the UAE background of startups and to promote inclusive and social need-driven innovation. Adding to this, Further Ventures stated Mastercard’s investment represents a significant achievement in its efforts to connect founders to the tools, resources, and networks they need to build, launch, and run companies that improve industries with their groundbreaking solutions.

MENA’s startup ecosystem

The role of the Middle East and North Africa in the global startup ecosystem is growing. According to an industry report by data platform Magnitt, startups in the region raised USD 643 million in late-stage funding during the first half of 2023, significantly outpacing global figures. Countries like Egypt, Morocco, Saudi Arabia, Tunisia, and the United Arab Emirates (UAE) are increasingly capturing global attention and benefiting from a surge in entrepreneurial activities.

The Middle East region is well-known for its abundant reserves of oil and natural gas. However, many countries in the region are now exploring other opportunities to reduce their reliance on these resources. For instance, the UAE has established several free zones to attract foreign investment and promote entrepreneurship. The Dubai Multi Commodities Centre (DMCC) specializes in commodities trading, while the Abu Dhabi Global Market (ADGM) offers various incentives such as 100% foreign ownership, zero taxes, and simplified regulatory procedures.