mmob joins Mastercard’s inaugural global Start Path Open Banking Programme

By Joy Dumasia

mmob, the London-based embedded finance network, has announced it has been selected to join the Start Path programme, alongside Dapi, Finantier, Mono and Paywallet. The inaugural class has been chosen for their innovative approaches to utilising open banking technology, and mmob will use the programme to demonstrate further that embedded finance is the future of open banking.  

During the three-month programme, mmob will have the opportunity to connect with Mastercard’s ecosystem of banks, merchants, partners and digital players across the globe, and the embedded finance platform is looking to reveal the value of onward journeys as the next development of open banking. mmob will test use cases, use its embedded finance technology to enhance user experiences further and learn from the expertise of Mastercard’s recently acquired company Aiia. 

“The industry has been slow to adopt open banking despite the vast opportunities presented to improve financial services. Embedded finance is fulfilling the untapped potential of open banking technology by harnessing user data to deliver personalised, end-to-end experiences”, Irfan Khan, Founder and CEO of mmob, said. “We are delighted mmob has been chosen to join Mastercard Start Path as one of five open banking startups driving the future of open banking, solidifying our position as a global pioneer of embedded finance.” 

Through the highly competitive Start Path program, Mastercard has engaged 300+ startups globally, including Airwallex, Railsbank and Revolut, and has created more than 10,000 startup connections around the world. Developing the open banking ecosystem is a progression of Mastercard’s effort to power seamless experiences that enable consumer choice.  

“Mastercard was an early advocate of open banking across the globe, and our market-leading technology platforms, data connectivity and infrastructure, combined with strong data privacy and security principles, provide a global infrastructure that can empower startups to innovate,” said Blake Rosenthal, Executive Vice President, Fintech & Segment Solutions at Mastercard. “As we continue to drive open banking innovation, we’re excited to collaborate with mmob, whose vision is aligned with ours and power more experiences that enable consumer choice.” 

IBS Intelligence reported that mmob, the UK’s first embedded finance network, has announced the successful completion of a £5 million seed round. The investment was raised from angel investors, including high-net-worth individuals and senior banking executives.