SANTA CLARA, Calif., Feb. 9, 2016
SANTA CLARA, Calif., Feb. 9, 2016 /PRNewswire/ -- Silicon Valley Bank and MasterCard have selected four startups to participate in the fourth class of Commerce.Innovated., a virtual accelerator designed to help commerce startups grow their businesses. From mobile lending to instant authentication and identity checks, the new class is developing innovative solutions for businesses in the digital age. As part of Commerce.Innovated., the four startups will go through the four-month virtual program that provides resources to help refine and enhance their business ideas through access to operational expertise from Silicon Valley Bank, MasterCard and their respective networks.
The four companies that were selected to participate in the current class come from across the U.S. and are in various stages of funding, including one startup in the mobile app space that is not included in the list below:
"We're excited to work with the next class of Commerce.Innovated.," said Reetika Grewal, head of Silicon Valley Bank's payments strategy. "The commerce and fintech sectors continue to gain momentum as startups work to balance innovation and their regulatory requirements. We love working side by side with these incredible entrepreneurs and lending our knowledge and networks to help them develop the infrastructure and operations that they need to accelerate their growth."
"This program is an important element of our engagement with local startups developing breakthrough commerce solutions," said Stephane Wyper, vice president of startup engagement and acceleration for MasterCard. "It is important that we support startups that are bringing fresh, creative ideas and experimenting with next generation of solutions, as they will create better experiences for our customers, partners, and the entire commerce ecosystem."
Commerce.Innovated. launched in 2014 and has worked with 14 commerce-focused startups to date, including Apruve, AppZen, CardFlight, Dash, Footmarks, Gone, Local Maven, Nowsta, PayByGroup, PennyOwl, Slide, Spend Labs, Splitwise and Standard Treasury.
"Commerce.Innovated. has been a key contributor to the strategic decisions that shaped our product as well as the growth of the company," said Anant Kale, CEO of AppZen. "The connections, resources and expertise we gained through the program were very helpful in making the right decisions, and we look forward to a lasting relationship with our partners at Commerce.Innovated."
Full program details are available at www.commerceinnovated.com. Applications for the next class will open in April 2016.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
©2016 SVB Financial Group. All rights reserved. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group. Silicon Valley Bank is a member of FDIC and Federal Reserve System. SVB>, SVB Financial Group, and Silicon Valley Bank are trademarks of SVB Financial Group, used under license.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news.
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SOURCE Silicon Valley Bank
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