Merging Crypto and TradFi: Mastercard Backs Fideum Group as Winner of Lighthouse FINITIV Program
Financial aggregator Fideum has been announced as the winner of the Mastercard Lighthouse Finitiv program on its path to merge crypto and traditional finance.
According to the press release, Fideum received a “double award”: as the regional Baltic class winner and the overall program winner.
It stated that,
“As the overall winners, Fideum will receive ongoing support from Mastercard and are invited to pitch for Start Path, Mastercard’s global start-up engagement program.”
Furthermore, Fideum won the popular vote and received the People’s Choice award.
The selection committee commented that the company was selected as the overall winner “on account of their clear vision of the need for marrying the old established with the new upcoming features and functions while ensuring regulatory compliance.”
Bridging the Blockchain-TradFi Gap
Fideum says that it aims to offer a ‘plug-and-play’ integration process to business-to-consumer (B2C) and business-to-business (B2B) users. This way, it plans to bridge the gap between the traditional financial sector (TradFi) and the digital asset market.
The company said that,
“Simply put, Fideum allows users to integrate cryptocurrencies quickly and easily and blockchain services into their solutions enabling traditional players to take part in the crypto space.”
It also claims to have “great international traction.” It’s already supporting 120 countries, while 30 institutional partners support its solution.
According to CEO Anastasija Plotnikova, Mastercard’s recognition stresses the “critical need” for Fideum’s solutions. These include creating a seamless, regulated pathway for institutions to engage with crypto.
Mats Taraldsson, Head of Innovation, Fintech, and Impact Tech Engagement at Mastercard Nordics and Baltics, opined that the financial technology industry is “undergoing a transformational shift, and the fintech companies selected for this program are at the forefront of this revolution.”
These companies are pushing the boundaries of traditional banking and payment methods, Taraldsson said. The solutions they offer address consumers’ changing needs and expectations.
Mastercard Gives Awards to Three More Start-ups
The winners were announced during the Mastercard Lighthouse’s Grand Finale event and award ceremony at the SLUSH conference in Helsinki.
Three other startups won awards in the fall’s FINITIV 2023 class:
- Vaulter (Powrs) received the Investor Awards as the company that showed the most traction with Mastercard Lighthouse’s Investor Circle;
- Bits Technology is the winner of the Swedish class;
- Starcart is the winner of the Finish class.
The FINITIV program runs over a three-month period. It enables Nordic and Baltic fintech, fintech-enabler startups, and early scaleups to work with various investors, stakeholders such as Mastercard, tier-one Nordic banks such as SEB, Danske Bank, DnB, Swedbank, and OP Financial Group, tech partners such as AWS, and program advisors such as FinTech Mundi and Invenio Growth.
The purpose is “to create conditions favorable” for pursuing partnerships between the participants and stakeholders, and the participants themselves.
Marius Ribokas, Innovation lead in Fintech partnerships at SEB Baltics, commented that the program is “a fast-track way for capturing emerging trends and solutions in the industry.”
Twice a year, the Program stakeholders select an overall winner.
The applications for 2024 are open.