SANTA CLARA, Calif., April 10, 2017 /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, today announced their collaboration on Commerce.Innovated., an accelerator designed to help commerce, payments and fintech startups grow their businesses. The four-month virtual program provides participants with operational mentorship from Silicon Valley Bank, First Data and their respective networks.
"We're excited to begin the next phase of Commerce.Innovated. with First Data as our partner," said Reetika Grewal, head of Silicon Valley Bank's payments strategy and solutions group. "First Data brings vast payments, fintech and commerce expertise and resources to the table that will be pivotal for our startups as they build their businesses. Our small class size allows us to work closely with each entrepreneur and really customize the program to help them reach their specific milestones."
"Silicon Valley Bank has established a very strong reputation for working with the most innovative companies in the world and we are excited to expand our partnership with them to mentor the next generation of fintech startups," said Guy Chiarello, President, First Data. "For years, First Data has tapped into Silicon Valley's brightest minds, from growing our product and engineering footprint on the West Coast to partnering with the best technology companies in the Valley."
Commerce.Innovated. launched in 2014 and has worked with 24 commerce, payments and fintech-focused startups to date, including Alloy, AppZen, Apruve, CardFlight, Dash, Domuso, Earny, Float, Footmarks, Gone, 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.
Applications for Class 6 of Commerce.Innovated. are now being accepted through April 30, 2017 and can be submitted online at www.commerceinnovated.com. Companies do not need to be current clients of Silicon Valley Bank or First Data to apply.
The program is open to early-stage companies meeting certain criteria:
- Creating a solution that is helping to make commerce, payments or fintech easier, safer or better for consumers or businesses
- Have a strong, small core team dedicated to the mission
- Secured or raising seed or Series A 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. Learn more at svb.com.
©2017 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB).
About First Data
First Data (NYSE: FDC) is a global leader in commerce-enabling technology and solutions, 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