Silicon Valley Bank and MasterCard Invite Startups to Apply for Commerce.Innovated.
Company news | September 22, 2015
Applications for class 4 of the commerce- and payments-focused virtual accelerator program will be accepted through October 11
SANTA CLARA, Calif. and PURCHASE, N.Y. – September 22, 2015 – 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.
Virtual information sessions will be held during the week of September 28, 2015 – please email team@commerceinnovated.com for details.
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.
Media Contacts
Julia Thompson
Silicon Valley Bank
415.764.4707
Brian Gendron
MasterCard
914.325.1799