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:
- Alloy, API to collect and manage customer data, New York
- Float, mobile credit provider, California
- LaunchKey, next generation mobile authentication platform,
Nevada
"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.
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
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SOURCE Silicon Valley Bank