Silicon Valley Bank and MasterCard Introduce a Commerce Accelerator Program for Startups
Company news | February 14, 2014
Commerce.Innovated.™ Accepting Applications Until February 21
SANTA CLARA, Calif. –– February 14, 2014 — Silicon Valley Bank, financial partner to the global innovation economy, and MasterCard introduce Commerce.Innovated.™, a customized commerce accelerator program that will help a select group of commerce focused startups access operational and technology expertise to effectively advance their go-to-market commerce platforms.
Established by experts in the global payments industry, Commerce.Innovated. is a four-month program for four to six startups. The program is custom designed for each startup to address key operational and technology challenges by working with subject matter experts across the commerce space.
Early stage companies that meet the following criteria may apply by February 21, 2014:
- Innovative commerce focused solutions
- Pre-series A, seed round secured
- Live with beta product
- Path to revenue defined
- Core team established
"This program is consistent with our core mission, to increase the probability of our clients' success," said Bruce Wallace, Chief Operations Officer of Silicon Valley Bank. "We want to provide focused operational knowledge and connections to help commerce startups overcome operational and infrastructure challenges, so we mobilized our team to create a program that will help them get their commerce platforms to market quickly."
"Having run a startup that partnered with MasterCard in the past, I know first-hand the very tangible value that can come from an opportunity like this. Startups can leverage the deep domain expertise that a company like MasterCard can share. In return, larger companies benefit from the experience of working and thinking like a startup to help challenge the ‘usual' way of doing things within an established organization," said Garry Lyons, Chief Innovation Officer for MasterCard.
Commerce.Innovated. ™ will run two classes in 2014 for four to six companies per class. The first class will begin in April and run through July. Applications for the second class will begin in June. There is no fee to apply or participate. More information on the program and the online application are available here: http://www.commerceinnovated.com/
A virtual question and answer session is scheduled on Tuesday, February 18th at 11:30am PST for startups interested in learning more about the program. For information on how to participate in the call send email to firstname.lastname@example.org.
About Silicon Valley Bank
Banking the world's most innovative companies and exclusive wineries, SVB's diverse financial services, knowledge, global network, and world class service increase our clients' probability of success. With $26 billion in assets and more than 1,700 employees, we provide commercial, international and private banking through 34 locations worldwide. Forbes Magazine ranks us among America's Best Banks and Fortune considered SVB one of the best places to work. (Nasdaq: SIVB) www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
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 Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.