MasterCard launched its search in May, inviting firms from the European commerce ecosystem that have already secured seed funding and have a live or planned beta in place to apply for the 12-month programme.

The card scheme says it received applications from startups in more than 30 countries. The seven firms selected will decamp to Dublin for an intensive four month phase where they will work with MasterCard and mentors from partners, including Asos and Capital One. Participants will get EUR35,000 to cover their time in Ireland.

During this period the startups will work towards securing a pilot with MasterCard or one of its partners before spending the next eight months working in a virtual capacity to see their ideas through the fruition.

The inaugural Start Path class includes:

• Instabank - Consumer digital banking for IoS and Android withb a social media flavour.
• MePin - Secure authentication for consumer e-commerce and mobile payments.
• MoQom - Mobile identity and authentication management services to banks, payment card industry and other organisations, leveraging mobile network data.
• Ridango - Cloud-based transit online, EMV-ready and modular ticketing systems.
• Storee - Technology platform that enables brick and mortar retailers to sell both in-store and online, combined with inventory management, customer loyalty and business analytics tools.
• Xpreso - SaaS service focused on solving the "last mile" in e-commerce delivery, including dynamic tracking and accurate arrival times via a consumer mobile app.
• ZenCard - Real-time loyalty redemption platform for retailers to develop targeted offers based on customer purchase behavior profiles.