SANTA CLARA, Calif. and
PURCHASE, N.Y., Sept. 22, 2015 /PRNewswire/
-- Silicon Valley Bank and MasterCard are inviting
startups from across the United
States to apply for Commerce.Innovated., a program designed
to help companies that are working in payments, fintech and
commerce grow their businesses. Commerce.Innovated. is a four month
virtual program that provides startups with the resources to help
refine and scale their solutions through access to operational and
industry expertise from Silicon Valley Bank, MasterCard and their
respective networks.
"We have worked with three great classes of companies that are
disrupting the commerce space and are looking forward to meeting
the new applicants for the fourth class of Commerce.Innovated.,"
said Reetika Grewal, Head of Silicon Valley Bank's payments
strategy. "Our operationally-oriented program provides a unique
opportunity for early-stage payments, fintech and commerce
companies to leverage our knowledge and networks. We have provided
assistance to these amazing entrepreneurs in areas such as
compliance, fraud prevention and developing payment solutions."
"Commerce.Innovated. exemplifies MasterCard's commitment to
early-stage startups, and delivers for these companies unmatched
expertise and support that Silicon Valley Bank and MasterCard are
well positioned to provide. Through the program, we're engaging and
growing relationships with the best and brightest in the industry
and helping to develop cutting-edge solutions that help build
businesses, enhance consumer experiences and drive more commerce in
the global economy," said Stephane Wyper, Global Lead, Startup
Engagement at MasterCard Labs.
Commerce.Innovated. launched in 2014 and has worked with 15
commerce-focused startups to date, including Apruve, AppZen,
CardFlight, Dash, Footmarks, Gone!, Nowsta, PayByGroup, Penny Owl,
Local Maven, SnapUp, SpendLabs, Standard Treasury, Splitwise, and
Slide.
"Commerce.Innovated. is a great program that really helped
solidify critical pieces of our business and product strategy,"
said Anant Kale, CEO of AppZen.
"AppZen's patent pending technology automates expense report
compliance, audit and fraud detection. With both MasterCard and
Silicon Valley Bank as partners, we were able to utilize their
connections, resources, and expertise in data and fintech. The
experience was very well worth the investment of time from our
perspective and we look forward to a lasting relationship with our
partners at Commerce.Innovated."
Applications for the next Commerce.Innovated. class can be
submitted online at www.commerceinnovated.com through October 11. Companies do not need to be current
clients of Silicon Valley Bank or MasterCard to apply.
The program will begin in November and is open to early-stage
companies meeting certain criteria:
- Creating a solution that is helping to make commerce easier,
safer or better for consumers or businesses
- Have a strong, small core team dedicated to the mission
- Secured or raising seed funding
- Have a working product
Full program details and an online application are available at
www.commerceinnovated.com.
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. Forbes named SVB one of America's best banks (2015) and
one of America's best-managed companies (2014). Learn more at
svb.com.
Silicon Valley Bank is the California bank subsidiary and commercial
banking operation of SVB Financial Group (Nasdaq: SIVB), and a
member of the FDIC. Silicon Valley Bank and SVB Financial Group are
members of the Federal Reserve System.
About MasterCard
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 on the Engagement Bureau.
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SOURCE Silicon Valley Bank