Earlier this week, Silicon Valley Bank and First Data (NYSE: FDC) announced they have selected five startups to participate in Class 8 of Commerce.Innovated., an accelerator designed to help commerce, payments and fintech companies grow their businesses. According to the duo, the Commerce.Innovated. four-month program provides participants with operational mentorship from Silicon Valley Bank, First Data, and their networks. The five companies selected to participate in the current class come from across the U.S., and provide a variety of solutions for businesses and consumers are the following:
Haven: A wealth manager for millennials, based in San Francisco- Honeyfi: A platform that helps couples integrate their finances and achieve their goals, together, based in Charlotte, North Carolina
- PayStand: A blockchain-based, commercial payments network transforming the B2B cash cycle, based in Scotts Valley, California
- Quadpay: A payment platform that gives shoppers the choice to pay for their purchases via four simple, interest-free installments, based in New York
- Siftery: A platform that helps businesses better discover, buy and use software, based in San Francisco
While speaking about the new class, Reetika Grewal, Head of Silicon Valley Bank’s Payments Strategy and Solutions Group, stated:
“We are excited to welcome another outstanding group of companies to Commerce.Innovated. These innovators are driving important advancements in payments, fintech and commerce to make experiences for businesses and consumers simpler and more transparent. We are happy to be part of helping these companies realize their goals.”
Chris Foskett, Executive Vice President, Head of Corporate & Business Development of First Data, added:
“It is a privilege to work with entrepreneurs in the fintech space and get a glimpse of the future of our industry through the Commerce.Innovated program. Startups drive new thinking and creativity in every industry and our Class 8 participants will be applying cutting edge technology to complex financial businesses to bring simplicity and automation to consumer and B2B financial transactions.”
Commerce.Innovated. debuted in 2014 and has worked with more than 30 commerce, payments and fintech-focused startups to date, including Alloy, Domuso, FutureFuel, Earny, and Splitwise.
