Four Commerce Startups Selected to Participate; Receive Operational Mentorship
SANTA CLARA, Calif. –– February 9, 2016 —Silicon Valley Bank and MasterCard have selected four startups to participate in the fourth class of Commerce.Innovated., a virtual accelerator designed to help commerce startups grow their businesses. From mobile lending to instant authentication and identity checks, the new class is developing innovative solutions for businesses in the digital age. As part of Commerce.Innovated., the four startups will go through the four-month virtual program that provides resources to help refine and enhance their business ideas through access to operational expertise from Silicon Valley Bank, MasterCard and their respective networks.
The four companies that were selected to participate in the current class come from various parts of the U.S. and are in various stages of funding including one startup that is in stealth mode and not included in the list below:
Alloy, API to collect and manage customer data, New York Float, mobile credit provider, California LaunchKey, next generation mobile authentication platform, Nevada“We’re excited to work with the next class of Commerce.Innovated.,” said Reetika Grewal, head of Silicon Valley Bank’s payments strategy. “The commerce and fintech sectors continue to gain momentum as startups work to balance innovation and their regulatory requirements. We love working side by side with these incredible entrepreneurs and lending our knowledge and networks to help them develop the infrastructure and operations that they need to accelerate their growth.”
“This program is an important element of our engagement with local startups developing breakthrough commerce solutions,” said Stephane Wyper, vice president of startup engagement and acceleration for MasterCard. “It is important that we support startups that are bringing fresh, creative ideas and experimenting with next generation of solutions, as they will create better experiences for our customers, partners, and the entire commerce ecosystem.”
Commerce.Innovated. launched in 2014 and has worked with 15 commerce-focused startups to date, including Apruve, AppZen, CardFlight, Dash, Footmarks, Gone, Local Maven, Nowsta, PayByGroup, Penny Owl, Slide, Spendlabs, Splitwise and Standard Treasury.
“Commerce Innovated has been a key contributor to the strategic decisions that shaped our product as well as the growth of the company,” said Anant Kale, CEO of AppZen. “The connections, resources and expertise we gained through the program were very helpful in making the right decisions and we look forward to a lasting relationship with our partners at Commerce Innovated.”
Full program details are available at www.commerceinnovated.com. Applications for the next class will open in April 2016.
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.
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.
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Contacts
Chaiti Sen
MasterCard
917.408.2912
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Julia Thompson
Silicon Valley Bank
415.764.4707
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