Mastercard is taking a significant step towards supporting small business owners globally with the introduction of Mastercard Small Business AI. This inclusive Artificial Intelligence tool is designed to offer personalized guidance to small business owners, providing them with invaluable assistance as they navigate the unique challenges of entrepreneurship and strive for growth. Recognizing the vital role of small businesses in the global economy and the transformative impact of mentorship on their success, Mastercard is piloting this initiative to create mentorship at scale.

“Operating a small business is a point of immense passion and pride for entrepreneurs, but it’s certainly not easy. We are working closely with small business owners at all stages of development and seeing the myriad of challenges they face and the critical importance of mentorship to their success,” said Mastercard Chief Marketing and Communications Officer Raja Rajamannar. “Mastercard Small Business AI aims to create mentorship at scale, offering always-on advice from an inclusive set of sources. This is a testament to our commitment to the small business community and to innovations that lift people.”

In collaboration with Create Labs, a social venture providing technology access to underserved communities, the tool is being crafted to limit biases and cater to diverse entrepreneurial needs. The Generative AI tool will offer a conversational experience, incorporating cutting-edge features and inclusive design standards for a relevant user journey.

The AI tool will draw on diverse and inclusive content, including Mastercard’s existing repository of content, with contributions from a newly formed global media coalition. Inaugural participants in this coalition include Blavity Media Group, Group Black, Newsweek, and TelevisaUnivision. This partnership aims to enhance the tool with varied perspectives and resources.

Scheduled for a U.S. pilot later this year, Mastercard plans to expand the initiative globally with additional partners. Bonin Bough, Chief Strategy Officer and co-founder of Group Black emphasized the power of collaboration for inclusivity, stating, “Through collaboration, we are looking to combine diverse resources to enhance a tool designed for all small and medium-sized business owners.”

A track record of small business community support 

Guided by the belief that the company can do well by doing good, Mastercard is committed to bringing small businesses into the financial mainstream. The introduction of Mastercard Small Business AI adds to the suite of small business solutions developed by Mastercard, reinforcing their dedication to empowering entrepreneurs and ensuring their success in today’s digital economy.