Mastercard Start Path program welcomes mx51 as first Australian fintech for 2020

Mastercard today announced Sydney-based fintech mx51 will be the first Australian partner to join its global Start Path program in 2020. The program will provide mx51 access to Mastercard’s global channel of issuers and market-leading digital resources as the start-up expands its unique portfolio in Australia and globally to deliver integrated payment solutions for merchants.
Merchant payments are shifting from traditional point of sale to a multi-channel approach, incorporating e-commerce, kiosks and mail or telephone orders. This creates complexity for retailers, often requiring them to enter relationships with multiple payment providers. mx51 has developed a bank-grade, cloud-based, multi-channel Payments-as-a-Service (PaaS) solution and partners with banks to deliver a simpler and more streamlined payments solution for merchants.
In addition to providing real-time transaction reporting and value-added services, the mx51 platform removes the retailers’ need to deal with multiple payment providers for reporting, reconciliation and cashflow management, simplifying the way they do business and enabling them to thrive in an omni-channel environment of point of sale and e-commerce.
As businesses look for ways to offer a frictionless customer experience online and in stores, the mx51 platform acts as a critical building block in transactional banking, enabling banks to plug into payments infrastructure and helping them to compete against payment disruptors.
By joining Mastercard’s award-winning Start Path program, mx51 will gain access to a global channel of issuers and digital resources. A worldwide engagement program for the best and brightest later-stage start-ups, it evaluates over 1,500 applications per year and has provided 230 organisations with operational support and commercial engagements within the Mastercard ecosystem since 2014. Previous Australian Start Path participants include Airwallex, OpenSparkz and identitii.
“We are very excited about the opportunity to collaborate with Mastercard as well as fellow start-ups in the Start Path family,” said Victor Zheng, Co-Founder and Chief Executive Officer, mx51. “For an Australian fintech looking to scale internationally, Start Path offers mx51 a huge opportunity to be part of the Mastercard network, enabling us to work with banks and acquirers globally.”