Hi, the fintech which helps companies unlock fast, affordable working capital and pay employees more flexibly, today announced it has been selected to join Start Path, Mastercard’s global startup engagement programme which helps innovative later-stage startups scale.
The six-month programme will pair Hi with mentors to refine strategy, forge connections and access new markets as well as Mastercard’s global ecosystem. Hi earned a spot in the programme as the result of a competitive selection process. Approximately 1,500 startups annually are evaluated for entry to the program, which saw only eight companies accepted in this class.
Since 2014, Start Path has helped nearly 300 startups and many of these firms have gone on to enter the public markets, reach unicorn status and forge extended commercial engagements with Mastercard and its customers. The other companies joining the latest Start Path cohort are Dodo (U.K.), Flow Networks (U.S.), KaiOS (Singapore), Kani (U.K.), NowNow (Nigeria), Sharesies (Australia & New Zealand) and SmilePay (Azerbaijan).
David Brown, founder and chief executive of Hi, said: “The cost of living crisis and widespread economic uncertainty have left many workers and businesses looking for new financial levers. Hi provides people with free, flexible access to their pay, boosting their financial wellbeing, while enabling firms to boost their liquidity via an innovative payroll solution. Being one of the few to earn a spot on the Start Path programme is testament to the market need and strength of this offering. We are delighted to be part of the programme and look forward to working closely with Mastercard and its vast global network of partners.”
“As fintechs continue to expand and disrupt the status quo, their core mission remains the same — they strive to empower consumers, increase financial access and help bring the un- and -underbanked into the digital economy,” said Michelle Hughes, Start Path Europe Lead at Mastercard. “We’re proud to support Hi and all the fintech builders in Start Path to transform bold ideas into innovative solutions and scale at a fast pace.”
Hi partnered with Mastercard last year to launch its market-first salary access card, enabling people to access their pay as soon as they’ve earned it. Similar to a debit card, the card gives employees direct access to money they’ve earned in real-time, with a limit in line with their earnings. By changing how people are paid, Hi puts them directly in charge, and in control, of their pay for better budgeting.
In addition to helping organisations attract and retain talent, Hi also helps companies unlock affordable working capital by letting them finance payroll through a new asset class, invented by Hi. This releases a new source of working capital for businesses, which they can use to optimise cashflow without adding debt to their balance sheet.