Thought Machine, the cloud native core banking technology firm, today announces it has been selected to join Mastercard Start Path - an industry-wide collaboration which convenes banks, merchants and startups to scale new technology solutions for the financial services and payments industries. Start Path is one of many renowned programs in Mastercard Accelerate, which provides a simple, single entry point to Mastercard’s wide fintech portfolio and access to everything startups need to grow quickly.
As part of this highly competitive programme, Thought Machine will be given facilitated access to Mastercard’s worldwide ecosystem of customers and partners while joining a global network of innovators building the future of commerce.
Thought Machine has been selected based on the success of its core banking platform, Vault, which enables banks to deploy modern, cloud-native, systems. This solves the banking industry’s primary problem: reliance on outdated IT infrastructure, crippling the industry’s ability to provide its customers a service they deserve.
“Thought Machine is excited to join Start Path along with 11 other high-performing startups as we continue to scale our business and ensure banks around the world are delivering innovation on cloud native systems,” said Paul Taylor, CEO, Thought Machine.
“Thought Machine’s next generation technology will renew the banking industry’s ability to innovate and deliver brilliant customer services, whilst improving security and cutting costs. It can be configured to run any type of bank - from the established Tier 1 legacy banks all the way to new challenger banks. Working with Mastercard on this programme will drive forward our mission of enabling these banks to deliver innovation, resilience and security at scale.”
Since the programme’s founding in 2014, the programme has connected with nearly 10,000 startups around the world. Approximately 200 startups have joined Start Path - collectively raising $2.6bn in venture capital between them.
“After sourcing the best and brightest later stage startups from across the globe, we’re thrilled to welcome Thought Machine to the Start Path ecosystem of innovators,” said Amy Neale, Senior Vice President, Start Path & Fintech, Mastercard. “The diversity in our Start Path program proves how quickly the pace of innovation is happening and together we are building the future of commerce.”