SANTA CLARA, Calif.,
Feb. 14, 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 7 of
Commerce.Innovated., an accelerator designed to help commerce,
payments, and fintech companies grow their businesses. The
four-month virtual 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 the U.S., Canada and
Europe, and provide a variety of
solutions for businesses and consumers:
- FutureFuel: A SaaS company working with employers to offer
student loan repayment and refinancing as a benefit of employment,
based in Boston
- Roger: An app that lets consumers and businesses pay their
bills instantly and fully automates the accounts payables flow,
based in San Francisco and
Copenhagen
- Teampay: Purchasing software that enables companies to request,
approve, pay for, and track employee spending in real-time, based
in New York
- Waypay: A SaaS company helping businesses pay and reconcile all
of their bills from any bank account or credit card in any
currency, based in Burlington,
Canada
- Candex: Software that enables large companies to pay small
vendors and improve visibility on their spending, based in
San Francisco
"We continue to be impressed by the quality of applicants for
Commerce.Innovated.," said Reetika
Grewal, Head of Payments Strategy and Solutions at Silicon
Valley Bank. "As the fintech ecosystem evolves, we are seeing a
shift toward companies focusing on solving important business
challenges. The group is made up of really strong companies with
great leadership and market opportunities in the B2B and B2B2C
space."
"We are looking forward to welcoming Class 7 of
Commerce.Innovated., especially following the success we saw with
our last class of participants," said Christine Larsen, Executive Vice President and
Chief Operations Officer at First Data. "Each company that was
selected for Class 7 tackles a key issue within the fintech space,
for both businesses and consumers. These early stage companies are
driving the future of the industry, and we can't wait to see what
they will accomplish during their time in the virtual program."
Commerce.Innovated. launched in 2014 and has worked with 28
commerce, payments and fintech-focused startups to date, including
Alloy, Apostrophe, AppZen, Apruve, Blueprint Registry, CardFlight,
Dash, Domuso, Earny, Finix, Float, Footmarks, Gone, Headnote,
LaunchKey, LiveApp, Local Maven, Nowsta, Pay By Group, PennyOwl,
Slide, SmartGift, SnapUp, Spend Labs, Splitwise, Standard
Treasury, Truebill, and Qwil. 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.
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