Mastercard Executive VP reveals they mentored Ripple back in 2011

Ever since we know Ripple, one of the most remarkable characteristics of the company has been the way it relates with the financial world, a fact that has put the company in the spotlight as the most extended payment solution for cross-border transactions.

To say the least, we’ve all been wondering how did Ripple manage to get this sort of attention from the sector in such a seamless way, and well, as it all seems, everything is starting to have a sense now considering the recent declarations of the current Executive Vice President at Mastercard.

An extract of the full interview has been published on Twitter on September 11th, and many speculations have been going around the subject, as people consider as well declarations may be someway altered.

However, regarding what the video exposes, the executive member at Mastercard says they were crucial support for Ripple back when they were only discovering what they could attain to. Let’s see the main details of the declarations given.

BREAKING!!!!
JUL18
Colleen Taylor – currently Executive Vice President at #Mastercard – used to mentor #Ripple back in 2011 helping them scale with a spirit of generosity. Her mindset is “we have scale, you have agility and we can work together” pic.twitter.com/Y1TWsHl3jV

— Steven Diep (@DiepSanh) September 11, 2018

A spirit of generosity is necessary

According to Colleen Taylor, Executive Vice President at Mastercard, it was back in 2011-2012 when Ripple came to their company to look for strategic advice for scaling their product.

Back then, the general sentiment for big companies was to be afraid of those starting as they conceived them as a potential threat. However, this was not the case for Mastercard which instead saw an incredible opportunity in Ripple’s proposal.

Taylor said,

“We started making questions about the solution, and we actually recognized there was some gas in there.”

So when they asked me if I could spend a couple of days with them developing a strategic plan for their product, I didn’t hesitate. In fact, it was easy to see we could work together, as I saw it they had the agility and we had the scale, and that for me was the perfect match.

In this sense, Taylor admits that in today’s business it is quite different the approach that is being given to startups concerning guidance and mentoring.

“This idea of I have the scale, you have the agility we can work together bringing solutions to the market” is pretty much an adopted idea for several big companies now; she said. Nonetheless, is not only a matter of developing the idea, or improving the business plan, we actually need to help them scale, and “the only way to do that is through a spirit of generosity”

Beyond incubation what startup companies need is a program that guarantees them to be in contact with potential clients, a program that says “We are gonna get you in touch with real banks, financial institutions, and get you your first clients, so you get to scale”, that’s definitely the next step in mentoring.

Conclusion

For sure we can see now where it all came from when it comes to Ripple’s strength in the market, and undoubtedly we will continue seeing the company to grow and reach new levels. At the time of writing, Ripple’s (XRP) has a value of $0.2635, let’s see which side the coin moves in the coming days.

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