The global fintech market has opened opportunities seemingly for all people willing to put in the work, regardless of location or resources. Investors have made huge strides in supporting ideas and giving those the means to bring their incredible ideas into fruition onto a world stage. Mastercard has been at the forefront of much fintech news over the past few months, as they are one of the largest global payment processing and credit card distribution companies on the planet. Earlier this year the bitcoin market exploded after an announcement from Elon Musk stated that he’d be purchasing nearly €1.3 billion of the crypto and plans on accepting it for payment for Tesla purchases. Mastercard shortly followed this statement up by stating that they will be allowing users to transact and store select cryptos that met a strict list of criteria meant to protect those who choose to use them. Now, they have announced that they will be making a multimillion dollar investment in venture capitalist firm Fearless Fund and fintech startup Greenwood. Co-founders Arian Simone and Ryan Glover from each business have stated that Mastercard funding businesses owned by people of color is extremely empowering and could lead to limitless opportunities for each firm.
According to CNBC, “This is part of our broader work on financial inclusion,” Mastercard president of strategic growth Michael Froman told CNBC. “We want to bring all the assets of the company to the table, to engage with them, help them succeed, help them get to scale.” What makes these partnerships even more important is that many of the people involved are black women entrepreneurs, as well as members of the Latinx community. It seems that Fearless Fund plans to pay the act forward, as they have stated that they plan to provide early financing to technology, food, beauty, and more companies run by other women of color. Mastercard is not the only investor in Fearless Fund, as PayPal, Costco, and Bank of America also support the business. Co-founder Simone has said that this investment by Mastercard could be a real way of leveling up their fund’s portfolio. In an interview she said that “This deal also marks a major milestone for our brand. When women of color are provided with the necessary resources and funding to launch their businesses, the sky’s the limit.” Hopefully this will have ripple effects throughout the industry providing more opportunities to underrepresented groups in the corporate world and inspire others to pursue their dream business.