Silicon Valley Bank and First Data Welcome Class 9 of Commerce.Innovated. Accelerator

Five startups selected to participate in the program; Silicon Valley Bank hires program graduate as its new head

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Jul 10, 2019, 09:01 ET

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.

SOURCE Silicon Valley Bank