Mastercard Strive EU Innovation Fund (Up to €4.5 Million in Grants)

Strive EU’s four Innovation Fund Themes

• The Fund is seeking projects that develop new solutions or innovative business models that support small businesses to:
  • Unlock working capital and credit through embedded finance.
  • Go digital safely by bolstering cybersecurity.
  • Navigate evolving consumer preferences and regulatory expectations around environmental sustainability.
  • Harness artificial intelligence (AI) to save time and make money.
• The Fund seeks innovative projects that depart from business-as-usual operations and support the growth of micro- and small enterprises with up to 10 employees.

Winner Benefits

Strive EU Innovation Fund grantees will receive:

• Grant funding of up to €500,000. Funding is for a specific grant project and must be used within a 12- to 18-month period, as defined in the application. Requests of €250,000 and above require a 10% match funding component from another source.
• Bespoke support from Strive and Mastercard teams, including insights from across the global Strive portfolio and beyond, and facilitated connections with potential partners when possible.
• Access to select Mastercard Start Path resources, including recorded expert briefing sessions, pitch training, and venture capital pitching events.
• Mentorship from best-in-class industry experts. Grantees will be paired with mentors who will provide tailored support to empower grantees to navigate challenges, leverage opportunities, and chart a course towards sustainable growth and impact.
• Visibility. Grantees will gain exposure and publicity through a series of hosted events and a co-created communications campaign.
• Mastercard Award for Extraordinary Impact. Projects that dramatically exceed impact targets will be nominated to receive an additional award from Mastercard.

Eligibility Criteria

• Project eligibility
  • Proposed projects must:
    • Align with at least one of the four focus themes: embedded finance, cybersecurity, environmental sustainability, and AI.
    • Target small businesses (with fewer than 10 employees) as customers or end users.
    • Leverage digital and data-first solutions.
    • Be implemented in at least one EU market.
    • Be at least in the Product Definition stage and ready to demonstrate a more mature phase has been achieved by the end of the project.
    • Must not focus on capacity building, such as training or mentorship.
• Organizational eligibility
  • Applicants:
    • Can be startups, established companies, nonprofits, or social enterprises of all sizes.
    • Cannot be government entities or academic institutions.
    • Must be registered and operating in at least one of the 27 EU member states.
    • Can apply as a consortium with other organizations, provided that the main applicant is registered and operating in at least one of the 27 EU member states.

Due Diligence Requirements

Applicants must:

• Comply with EU and US sanctions, laws, and regulations, including data and privacy regulations.
• Be registered and operational, demonstrating at least 1 year of legal and ethical operations and commendable performance.
• Be compliant with all applicable laws, including adhering to fundamental human rights and all international and EU labor standards.
• Be fully compliant with business licensing, taxation, employee, and other regulations in all countries of operation.
• Be financially healthy with adequate reporting systems.
• Have no involvement in unethical activities such as arms production or tobacco.