SANTA CLARA, Calif.,
July 10, 2019 /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, have selected five startups to
participate in Class 9 of Commerce.Innovated., an accelerator
program designed to help commerce, payments, and fintech companies
grow their businesses. The four-month program provides participants
with operational mentorship from Silicon Valley Bank, First Data,
and their respective networks. Silicon Valley Bank also
welcomed a new head of the program, Armand
Patella, founder of Nowsta and a former Commerce.Innovated.
graduate.
Commerce.Innovated. launched in 2014, and has worked with 37
commerce, payments, and fintech-focused startups
including Alloy, Candex, Domuso, Earny, FutureFuel,
QuadPay, Qwil, and Splitwise. Since graduating from the
program, more than half of participating companies have raised
funding or been acquired.
The five companies selected to participate in the current class
provide a variety of solutions for businesses and consumers:
- BridgeCare: AI-powered employee benefits for childcare and
education, based in San Jose,
California
- FanAI: Audience monetization platform for esports, sports &
entertainment, based in Santa Monica,
California
- Flow Commerce: A technology platform that simplifies the
management of cross-border e-commerce, based in Hoboken New Jersey
- Mudflap: Next-gen payments platform for the trucking industry,
based in Palo Alto,
California
- Unit21: Detection and investigations platform for anti-money
laundering, based in San Francisco,
California
"I'm thrilled to join the Silicon Valley Bank team and be a part
of Commerce.Innovated.," said Armand
Patella, Head of Commerce.Innovated. at Silicon Valley Bank.
"Commerce.Innovated. was extremely helpful for my startup and our
payments strategy. It's a privilege to be in a position to support
the growth of other founders, advise on the challenges they face,
and provide them with resources to succeed. The companies in the
current class are creating solutions that will make a positive
impact for multiple industries including HR, esports, ecommerce,
trucking and financial services."
"First Data welcomes the new class of startups, aspiring
entrepreneurs, and growing businesses to Commerce.Innovated.," said
Chris Foskett, Head of Corporate and
Business Development, and Co-Head of Global Financial Solutions at
First Data. "Startups are synonymous with creativity and
innovation, and our Class 9 participants have the opportunity to
leverage Commerce.Innovated.'s world-class resources to build
innovative solutions that bring simplicity and automation to our
industry."
Commerce.Innovated. welcomes new applicants semi-annually and
will accept applications for the next class starting later this
year. Commerce, payments and fintech-focused startups are
encouraged to learn more about the program and apply to participate
at www.commerceinnovated.com.
About Silicon Valley Bank
For more than 35 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.
©2019 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 more than
3,700 financial institutions in more than 100 countries around the
world. The Company's 19,000 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 3,000 transactions per second and $2.6
trillion per year. For more information,
visit www.firstdata.com and follow us on Twitter
at @FirstData and LinkedIn.
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SOURCE Silicon Valley Bank