Silicon Valley Bank and First Data (NYSE: FDC) announced on Wednesday they have selected five startups to participate in Class 9 of Commerce.Innovated., which is described as an accelerator program designed to help commerce, payments, and fintech companies grow their businesses.
Commerce.Innovated. was 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 companies revealed:
“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.”
The startups selected for the program are the following:
- 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
Armand Patella, Head of Commerce.Innovated. at Silicon Valley Bank, stated;
“I’m thrilled to join the Silicon Valley Bank team and be a part of Commerce.Innovated. 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.”
Chris Foskett, Head of Corporate and Business Development, and Co-Head of Global Financial Solutions at First Data, added:
“First Data welcomes the new class of startups, aspiring entrepreneurs, and growing businesses to Commerce.Innovated. 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.”