Mastercard Backs Cybersecurity Startups With Start Path

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

The global payment company’s latest initiative focuses squarely on startups developing tools in fraud prevention, digital identity and securing payments. With five startups in the first cohort, Mastercard aims to boost security at the foundation of the digital economy.

The new Security Solutions programme from Mastercard Start Path brings in startups from across the cybersecurity spectrum – OneID, Scamnetic, Spec, VanishID and Shield-IoT – selected through a global application process. 

Each business offers a unique angle on digital protection, from online identity verification to scam detection and safeguarding connected payment systems.

Start Path, Mastercard’s startup engagement platform, has supported more than 475 startups across 60 countries since it launched in 2014. 

Startups in the programme gain access to Mastercard’s network, resources and market insight to scale their technologies. The Security Solutions track deepens this by addressing the rising cost and complexity of cybercrime, projected to reach U$15.6tn by 2029.

New tools for a growing threat

Each of the five startups brings a distinct approach to tackling cyber risk.

OneID, based in the UK, replaces documents with digital identity verification using existing bank data.

"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 uses patented AI to detect scams in real time, including phishing and deepfakes. Its CEO, Al Pascual, previously worked in banking and cybersecurity research. He sees fraud evolving as quickly as the tech used to fight it.

“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,” says Al. “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 takes a different approach, watching entire user journeys to spot suspicious activity before it reaches the point of payment. The idea is to catch fraud attempts early and at scale.

“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.”

Then there’s VanishID, which helps companies clean up leaked personal data from the public web, preventing it from being used in phishing or doxxing campaigns.

"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."

Rounding out the group is Shield-IoT, which secures payment devices that rely on cellular networks, such as 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 investment in security

Security is not a new area of interest for Mastercard. Since 2018, the company has invested more than U$10.7bn in cyber innovation. This includes acquiring tools, companies and partnerships to build out its security services. 

Its 2024 acquisition of Recorded Future, the world’s largest threat intelligence company, marked another move towards expanding its influence across the cybersecurity landscape.

The broader aim is to build trust across global payment systems. Mastercard offers services to assess cyber risk, provide AI-enabled protections and create new defences as threats evolve. Partnerships with organisations like the Global Anti-Scam Alliance extend these protections across regions and sectors.

“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.”