How Mastercard is Empowering Cyber Startups with Start Path

Cybersecurity innovation is taking centre stage as Mastercard expands its Start Path programme to tackle digital threats head-on.

Mastercard’s latest programme is a strategic initiative targeting the development of cybersecurity tools for fraud prevention, digital identity and payment security.

By integrating five startups into the first cohort of its Security Solutions programme, Mastercard is aiming to enhance security capabilities at the core of the digital economy.

The new Security Solutions initiative under the Mastercard Start Path umbrella is bringing together startups including OneID, Scamnetic, Spec, VanishID and Shield-IoT.

These firms have been carefully selected through a global application process to participate in this innovative programme.

Each startup introduces a unique perspective on digital protection.

Their areas of focus range from digital identity verification to scam detection and securing connected payment systems.

This diversity in approach enriches the cybersecurity landscape, offering multifaceted protection to businesses of all sizes.

Innovation in cybersecurity tools

The programme provides startups with access to Mastercard's extensive network, resources and market insights, enabling them to scale their technologies more effectively.

The Security Solutions track specifically addresses the escalating costs and complexities associated with cybercrime, which is projected to reach $15.6 trillion by 2029.

This strategic move by Mastercard reflects the company's commitment to enhance cybersecurity measures across the industry by leveraging startup innovation.

These ventures are poised to provide cutting-edge tools to combat emerging cyber threats and enhance the resilience of digital transactions.

Pioneering cyber solutions

OneID offers a digital identity verification solution utilizing existing bank data, aiming for a seamless and secure customer verification process.

"We wanted to create a simpler, more secure, and inclusive way – that was also entirely digital - to verify customers’ identities so users could access the services they needed more quickly,” says Rob Kotlarz, Founding Director at OneID.

Scamnetic focuses on real-time scam detection, including phishing and deepfakes, utilising patented AI technology.

Al Pascual, the CEO of Scamnetic, reflects on the need for robust fintech security measures.

“As a banker turned researcher, I was in awe of how rapidly financial technology was evolving but also increasingly concerned because it felt like criminals were often among the first adopters,” Al says.

“We've seen the consequences of that, which is why I firmly believe that the future of fintech is one where security is no longer an afterthought.”

Spec observes user journeys to identify suspicious activity before any financial transactions occur.

“I started Spec after watching even the most advanced merchants lose ground to smarter fraud and fragmented defenses,” says Nate Kharrl, Co-Founder and CEO of Spec.

"The future of digital commerce demands real-time visibility — so we can tell the good users from the bad ones before they can access the money.”

VanishID tackles the issue of leaked personal data online, preventing its misuse in phishing or doxxing attacks.

"In a world where every click, transaction and connection leaves a trail, privacy isn’t passive,” says Matt Polak, Founder and CEO of VanishID.

“It must be engineered, defended, and maintained ruthlessly. VanishID helps security teams protect against cyber and physical threats fueled by exposed personal information online."

Shield-IoT secures payment devices that operate on cellular networks, which include EV charging points and point-of-sale terminals.

"With Shield-IoT, merchants can secure their cellular IoT payment devices, such as point-of-sale terminals, EV charging stations and connected cars, without any network changes or integration efforts,” says Udi Solomon, Founder and CEO.

“Our AI-powered SaaS platform enterprises and SMBs with unprecedented insights and control, automatically safeguarding personal data, protecting critical services and meeting regulatory compliance requirements, allowing businesses to confidently embrace the evolving landscape of contactless payments as a result.”

Mastercard’s commitment to cybersecurity

Mastercard’s proactive investment in cybersecurity has amassed more than U$10.7bn since 2018, underscoring its commitment to advancing cyber innovation.

This includes strategic acquisitions and partnerships to build comprehensive security services.

Its 2024 acquisition of Recorded Future, a leading threat intelligence provider, emphasises Mastercard’s agenda to reinforce its cybersecurity capabilities and extend its protective influence throughout the industry.By fostering collaboration with organisations like the Global Anti-Scam Alliance, Mastercard is extending its security protections across various sectors and regions, reinforcing global trust in payment systems.

“Security is the cornerstone of trust,” says Johan Gerber, Executive Vice President and Head of Security Solutions at Mastercard.

"It is essential to fueling digital commerce in an increasingly connected world, where new threats emerge all the time. By partnering with startup innovators who are already working to protect our ecosystem, we are accelerating co-creation and knowledge-sharing – shaping a safer, smarter digital future.”