Markaaz and Mastercard have announced a new partnership in which Mastercard will bring products and services – including in the areas of payments and security – to the Markaaz platform to help support small businesses. With a powerful set of tools, services and data, Mastercard and Markaaz, the world’s first pre-verified community of businesses, will partner to enable users to save critical time and money in identifying and working with their partners.
Small businesses spend on average 17 days a year verifying and re-verifying themselves for everything they need, ranging from bank loans to insurance, to other services and more. Annually this represents an inefficiency of over $1.7 trillion. Mastercard brings a suite of assets and expertise to Markaaz to help businesses reduce complexity and increase efficiencies including: Mastercard Track Business Payments Service, RiskRecon’s assessment of cyber risk and vulnerabilities to businesses and Finicity’s real-time access to financial data and insights. Upon integration into Markaaz’s dashboard, the all-in-one solution will provide customers a pre-verified community of businesses, educational resources, digital tools and best-in-class payment capabilities – everything they need to manage and grow their business.
“This partnership with Mastercard is a very significant one for Markaaz,” says Hany Fam, Founder and CEO of Markaaz. “We are thrilled that Mastercard is able to bring its capabilities, know-how and team to bear to develop unique assets and resources for this partnership.”
Earlier this year, Markaaz announced a partnership with Equifax to use its data and insights to support the Markaaz platform. Equifax and Markaaz have a shared commitment to getting small businesses back to growth by connecting them to their supplier ecosystem easily and confidently – a commitment that aligns with the new Mastercard-Markaaz relationship.
While several solutions are available today that help owners digitise their small businesses, there is a need for even further flexibility and simplicity in payments. With Mastercard, Equifax and a number of other partners, Markaaz continues to build out its suite of resources for small businesses focused on the most critical needs including support with cash flow, customer and supplier management, accounting and cybersecurity.
“Mastercard is deeply committed to supporting the needs of small businesses in our increasingly digital world,” said Ginger Siegel, North America Small Business Lead at Mastercard. “We are pleased to bring the power of Mastercard’s open banking, cyber risk and ID-verification tools to Markaaz to create a richer value proposition for small businesses.”
This partnership builds on Mastercard’s commitment to helping small businesses, through and beyond the COVID-19 pandemic. In April 2020, Mastercard pledged to invest $250 million in financial, technology, product and services support over the next five years to small businesses in the United States and other markets where it operates, supporting the vitality of businesses and the financial security of their workers.