Infinicept is among ten companies recently invited to join the Mastercard’s Start Path program. The company helps software businesses become payment facilitators through an open, agnostic PF platform.
Mastercard describes the Start Path program as a “six-month virtual and in-person engagement program” that supports fintech companies and startups as they look to build scale, by providing access to Mastercard expertise and connections across the globe.
The program includes nearly 200 startups who have cumulatively raised $1.4 billion in capital, Mastercard said.
“Having evaluated 10,000 startups from across the globe, we are always adding ground-breaking entrepreneurs to our network of innovators,” Amy Neale, Mastercard vice president and global lead for Start Path, said in a press release.
“Mastercard Start Path companies today are later-stage startups reaching unicorn status, entering the public markets and co-creating with world-renowned financial services firms to deliver real solutions for consumers.”
According to Infinicept, the maturing of the payment facilitator market has led software and other technology companies to realize the impact the PF model can have on their revenue and company valuation, as well as the control it gives them over the customer experience.
However, many see the associated risks – and the time it takes to set up the infrastructure needed to facilitate payments – as obstacles to becoming PFs, the company said. Infinicept’s Payment Facilitator in a Box platform was developed to address those obstacles, providing merchant underwriting and other back office capabilities and helping to speed payment facilitators’ time to market.
Infinicept recently announced that it has achieved 500 percent revenue growth in the past year. Since the company launched in 2012, it has helped more than 200 payment facilitators – across a variety of vertical markets including retail, food and beverage, healthcare, real estate, events and others – integrate payments into their software platforms, the company said.
“FinTech and SaaS companies see the value of integrating merchant acceptance, underwriting, onboarding and back office operations into their products, but in order to do that, they need a supporting platform that reduces the complexities of it and works with any bank, processor, gateway or CRM they choose,” Deana Rich, co-founder and co-CEO of Infinicept, said in the release.
“Achieving 500 percent revenue growth and joining the Mastercard Start Path program confirms Infinicept is on the right path to fill a critical market need for FinTech and SaaS companies. Our engineering team and partners have done a great job delivering a dynamic suite of open and automated services that provide an operational backbone for any company looking to take the simple path to becoming a payment facilitator,” she said.