AI powered transaction analytics firm, Fuse, has been selected for the Mastercard Start Path Open Banking programme, an award-winning, global startup engagement programme.
Through the programme, Fuse will have the opportunity to access hands on mentoring through Mastercard’s global network to accelerate and scale its solutions to meet long-term growth plans.
Founded in 2014, Start Path has engaged more than 360 startups representing 49 countries. Today, many Start Path companies are entering the public markets, reaching unicorn status and entering extended commercial engagements with Mastercard and its customers.
Mastercard’s global Start Path Open Banking programme engages Open Banking startups on their path to scale, uncover unique opportunities to innovate and power experiences that enable consumer choice.
Fuse leverages insights from Open Banking and transaction data to provide lenders with analytics allowing them to provide increased credit options to borrowers and make improved decisions around affordability and, more specifically, vulnerability.
Fuse is the latest B2B focused offering from the team that built the credit builder Pave app which has analysed more than 150,000 lending decisions, 1.5 million consumer credit reports, and over 400 million Open Banking transactions since launch. Seeking to bring more financial equality to millions across the UK, Pave utilises Open Banking transactions to help consumers build better access to credit.
Fuse recently launched a new product, Health Signals, to help risk and compliance teams to measure vulnerability, predict arrears risk, and monitor the impact of financial products on their customers.
Health Signals automates vulnerability monitoring by analysing customer transaction data (via Open Banking or existing transaction data) and provides institutions with the insights needed to proactively monitor, report, and predict vulnerability. This approach empowers firms to ensure better treatment of vulnerable customers and provide rapid support to those at risk of falling into arrears.
During the Start Path Open Banking programme, Fuse will get access to Mastercard’s global network of banks, merchants, partners and digital players to help it scale. The programme provides fintechs with support including customer acquisition, market expansion, product development and marketing.
Sho Sugihara, CEO and Co-Founder of Fuse, comments: “Joining Mastercard’s Start Path program is a vital milestone in our journey to transform finance and offer financial institutions the necessary tools to improve support for consumers. Unlocking access to the world-class expertise, insight and tools available through Mastercard’s programme will allow us to scale at pace, expanding our reach and providing more banks and other financial institutions with an AI approach which enables a fairer financial system for millions.
“Support from Mastercard will be integral to driving change across the sector, improving support for the financially vulnerable and making the finance system more inclusive.”