The Emerging Payments Association has launched the Catalyst, a new incubator for early stage payments companies.
The Catalyst provides access to investors, workspace, mentors and commercial partners in association with MasterCard and The Bancorp. The Catalyst beneficiaries – its ‘Rising Stars’ – are new entrants to the fintech industry, mostly founder-owned and with a combined investment and revenue between £500,000 and £2m in the last 12 months. Six payment companies have already been selected for the programme.
David Hunter, advisory board member of the EPA, said of the launch: “With the rapid growth of fintech, many entrepreneurs have recognised that at the core of their business model lies payments. But the emerging payments industry is highly complex, rapidly changing, difficult to enter and it’s easy to get it wrong.
“So we are now helping the Rising Stars of the industry to get it right. These are those early stage companies that have strong propositions and ambitious leaders who need help from the community.”
The first six Rising Stars come from Bulgaria, Germany, Hungary and the UK:
- Cashwave, an international remittance company
- Cubits, a mobile wallet and Bitcoin business
- DigiSeq, an NFC wearables business
- Pannovate, an augmented reality company
- Peak Financial Services, a programme manager
- W2 Global Data, online screening tools
In its first year, the Catalyst aims to help 25 Rising Stars to innovate more effectively and scale their businesses. As well as receiving help with raising funds and guidance from mentors, Rising Stars will also showcase their products, receive online and social media exposure, and meet prospective partners and clients through the EPA network.
Scott Abrahams, group head acceptance and emerging payments, MasterCard, said: “We have been supporters of the EPA right from the very start. The launch of the Catalyst marks a new milestone in supporting the payments industry’s newest innovators.
“We look forward to supporting them with opportunities for members to visit our offices, see our products and solutions and benefit from our mentoring.
“Moreover, it is a two-way dialogue, and the Catalyst members will also be offered the chance to present to us and showcase their own products/services and solutions. Indeed, MasterCard can also learn and discover from new entrants and this will be a big part of our continuing innovation efforts.”