The credit card giant also unveiled a partnership with Greenwood, a fintech firm aimed at Black and Latino consumers and business owners, to issue the platform's first debit cards.
"This is part of our broader work on financial inclusion," Mastercard president of strategic growth Michael Froman told CNBC. "We want to bring all the assets of the company to the table, to engage with them, help them succeed, help them get to scale."
Fearless Fund looks to provide early financing to companies started by women of color in the technology, consumer packaged goods, food, fashion and beauty industries.
The three co-founders of Fearless Fund are chief development officer Keshia Knight-Pulliam, who played Rudy Huxtable on the "Cosby Show;" CEO Arian Simone, an entrepreneur and best-selling author; and COO Ayana Parsons, a veteran consultant.