Payments giant MasterCard has announced the companies that have been selected for the 2016 summer class of its Start Path Global program. The latest cohort has been selected from 500 applications spanning 60 countries and includes companies involved in developing solutions that deliver simple, secure and frictionless commerce experiences.

Blockchain startup Everledger is among those selected. It uses blockchain technology to track and protect diamonds and other luxury goods on their lifetime journey. It uses the distributed, ledger system to reduce fraud-related instances of valuables, providing verification of an item's authenticity and ownership to insurance companies, financiers, owners and law enforcement.

"We were inspired by the success stories that have emerged from Start Path to apply for a spot in the program and are looking forward to collaborating with MasterCard," said Leanne Kemp, CEO and founder of Everledger. "The opportunity to learn from a global leader that champions emerging technology is perfectly aligned with Everledger's innovation ethos, and we can't wait to get started on building new applications and use cases in this environment to help grow our business."

Launched in 2014, Start Path is MasterCard’s global effort to support innovative early-stage startups developing the next generation of commerce and fintech solutions. It has worked with more than 60 startups, helping them scale their operations and enter new markets and industries. The program helps startups tackle business problems, introduce them to new opportunities across the globe, and provides operational, commercial and investment support.

“The companies selected for this class are unbundling traditional commerce and financial services and reconstructing products that offer better consumer experiences,” said Stephane Wyper, global lead for MasterCard Start Path. “They are altering the world of commerce by using powers of mobile, big data, and analytics, moving to mainstream at a very fast pace.”

The startups – Cyberfend, Everledger, Itembase, Mozio, PayKey, RecargaPay and Revolut – will join MasterCard for an immersion week in London, working on customized projects throughout the six month virtual program, and followed by the Start Path Global Partner summit in New York in November. There, they will get an opportunity to engage in in-person advisory sessions and be introduced to MasterCard partners like Rakuten, TSYS (Total System Services, Inc.) and Royal Bank of Canada.