SANTA CLARA, Calif.,
July 18, 2018 /PRNewswire/
-- Silicon Valley Bank, the bank of the world's most
innovative companies and their investors, and First Data (NYSE:
FDC), a global leader in commerce-enabling technology, have
selected five startups to participate in Class 8 of
Commerce.Innovated., an accelerator designed to help commerce,
payments and fintech companies grow their businesses. The four
month program provides participants with operational mentorship
from Silicon Valley Bank, First Data and their respective
networks.
The five companies selected to participate in the current class
come from across the U.S., and provide a variety of solutions for
businesses and consumers:
- Haven: A wealth manager for millennials, based in San Francisco
- Honeyfi: A platform that helps couples integrate their finances
and achieve their goals, together, based in Charlotte, North Carolina
- PayStand: A blockchain-based, commercial payments network
transforming the B2B cash cycle, based in Scotts Valley, California
- Quadpay: A payment platform that gives shoppers the choice to
pay for their purchases via four simple, interest-free
installments, based in New
York
- Siftery: A platform that helps businesses better discover, buy
and use software, based in San
Francisco
"We are excited to welcome another outstanding group of
companies to Commerce.Innovated.," said Reetika Grewal, Head of Silicon Valley Bank's
Payments Strategy and Solutions Group. "These innovators are
driving important advancements in payments, fintech and commerce to
make experiences for businesses and consumers simpler and more
transparent. We are happy to be part of helping these companies
realize their goals."
"It is a privilege to work with entrepreneurs in the fintech
space and get a glimpse of the future of our industry through the
Commerce.Innovated program. Startups drive new thinking and
creativity in every industry and our Class 8 participants will be
applying cutting edge technology to complex financial businesses to
bring simplicity and automation to consumer and B2B financial
transactions," said Chris Foskett,
Executive Vice President, Head of Corporate & Business
Development, First Data.
Commerce.Innovated. launched in 2014 and has worked with 32
commerce, payments and fintech-focused startups to date, including
Alloy, Domuso, FutureFuel, Earny, and Splitwise. Since graduating
from the program, more than half of the companies in the program
have raised funding or been acquired.
Full program details are available
at www.commerceinnovated.com.
About Silicon Valley Bank
For 35 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.
©2018 SVB Financial Group. All rights reserved. SVB, SVB
FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the
chevron device are trademarks of SVB Financial Group, used under
license. Silicon Valley Bank is a member of the FDIC and the
Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial
Group (Nasdaq: SIVB).
About First Data
First Data (NYSE: FDC) is a global
leader in commerce-enabling technology, serving approximately six
million business locations and 4,000 financial institutions in more
than 100 countries around the world. The company's 24,000
owner-associates are dedicated to helping companies, from start-ups
to the world's largest corporations, conduct commerce every day by
securing and processing more than 2,800 transactions per second and
$2.2 trillion per year.
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SOURCE Silicon Valley Bank