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Finextra: Mastercard Start Path

Mastercard Start Path - Finextra

Konsentus has been chosen to join the latest Start Path cohort of innovators building the future of commerce.

The programme provides startups with operational support, commercial engagement and the opportunity for strategic investment. Founded in 2014, Start Path has engaged with 230 startups globally which have collectively earned $1.4 billion in raised capital.

Founded in January 2018, Konsentus delivers Third Party Provider (TPP) Identity and Regulatory checking on behalf of Financial Institutions (FIs) to enable them to comply with the new PSD2 regulations for Open Banking.

The unique Konsentus solution operates in realtime and is a central system of record of all regulated entities in the EEA, gathering data from 31 National Competent Authorities (NCAs), the European Banking Authority (EBA) registers and connecting to over 70+ Quality Trust Service Providers (QTSPs) to provide information through an API to FIs enabling them to determine whether a transaction request is legitimate or not. By integrating with the Konsentus platform, FIs can be confident that their customers are protected when third party providers need to securely access their transaction accounts

Having recently closed its multi-million pound Pre Series A funding which was led by Mastercard, the Start Path programme provides Konsentus with a great opportunity to leverage the potential of Mastercard’s experts to help fuel its European growth and enter new international markets.

Mike Woods, CEO of Konsentus said “I am honoured that Konsentus has been selected for such a high-profile programme and to be able to collaborate with my fellow Start Path intake – a great network to be a part of. This support comes at a time when we are really ramping up our operations to meet the 14th September deadline which is now less than three months away and affecting over 9,000+ FIs in Europe. We expect the demand for the Konsentus solution to be extremely high over the next couple of months and I look forward to working with Start Path to realise our growth ambitions”.

“Having evaluated 10,000 startups from across the globe, we are always adding ground-breaking entrepreneurs to our network of innovators,” said Amy Neale, Mastercard vice president and startup engagement lead for Start Path.” “Mastercard Start Path companies today are later-stage startups and FinTechs reaching unicorn status, entering the public markets and co-creating with world-renowned financial services firms to deliver real solutions for consumers.”

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