SANTA CLARA, Calif. and PURCHASE, N.Y., May 28, 2015 /PRNewswire/ -- Silicon Valley Bank and MasterCard have selected five startups to participate in the third class of Commerce.Innovated., an accelerator program designed to help commerce-focused companies grow their businesses. Commerce.Innovated. is a four-month virtual program that provides startups with the resources to help refine and enhance their solutions through access to operational expertise from Silicon Valley Bank, MasterCard and their respective networks.
The five companies that were selected to participate in the current class of the program are:
- Apruve, B2B eCommerce payments solutions, Minnesota
- AppZen, expense reporting software, California
- Footmarks, an enterprise beacon platform, Washington
- Nowsta, a logistics and labor management platform, New York
- SnapUp, a product tracking app, California
"We're thrilled to launch the next class of the Commerce.Innovated. program," said Reetika Grewal, Head of Silicon Valley Bank's payments strategy. "There continues to be a tremendous amount of innovation in the commerce sector and we are excited to be working with these amazing, early stage companies. Our unique, operationally-focused program is designed to help these remarkable entrepreneurs grow their businesses quickly and find the resources that they need in order to achieve their next milestone."
Commerce.Innovated. launched in 2014 and has worked with 10 commerce-focused startups to date, including CardFlight, Dash, Gone!, Spendlabs, PayByGroup, Penny Owl, Standard Treasury, Splitwise, Local Maven and Slide.
"Commerce. Innovated. continues to be an excellent opportunity to support a diverse set of highly innovative startups," said Stephane Wyper, Vice President at MasterCard Labs. "As we look at the future of commerce and payments, the next generation of technologies are already being developed by these early stage companies today, so we look forward to helping them continue to evolve their solutions."
"The connections and mentorship we gained through Commerce.Innovated. have been instrumental in our growth as a company and individuals," said Nicolas Bayerque, CEO of Gone!. "The best part is that we're able to continue to leverage expert guidance from the folks that helped us find our way to success."
Full program details are available at www.commerceinnovated.com. Applications for the next class will open in September 2015.
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.
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.
SOURCE Silicon Valley Bank; MasterCard