MasterCard has announced that it will be using artificial intelligence technology developed by Norwich-based startup Rainbird.
Rainbird, currently on MasterCard’s Start Path Global class – a virtual programme that seeks to partner with startups – will lend its software to develop a sales advisory tool for the multinational financial services firm.
Speaking about the announcement, Stephane Wyper, global lead at MasterCard Start Path, said: “There was a time when lines were clearly drawn between startups and established companies.Now, early-stage companies are partnering with large financial institutions, retailers, or digital players to build the future of commerce together.
“By working with Start Path, startups like Rainbird benefit from engaging with large global brands who are their future customers, channels and collaborators in a structured manner. At the same time, established companies such as MasterCard and its partners can identify and tap into new technologies to build efficiencies within existing systems or capture new opportunities,” he added.
Alongisde the announcement, MasterCard said it was now accepting applications from tech startups wanting to join the next cohort of its Start Path partnership program.
Launched at the end of 2013, the program, which claims to have helped approximately 60 startups to date, will seek to take on startups working on innovative tech solutions.
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Speaking to Tech City News, Wyper said the program’s main objective was to form partnerships with each participant in order to help them gain traction in the real-world.
“We really want to make sure that we can actually help these startups. We will commit from day one to make sure that we execute for them,” he added.
Kicking off with an immersion week in June, the program will not take any equity from startups but will seek to foster connections between participants and MasterCard’s clients across the globe.