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