Silicon Valley Bank Launches New Class of Mobile Payments, Other Fintech in Accelerator
Development in mobile payments and financial technology (fintech) is gaining a lot of ground rapidly. Spurred on by companies eager to come out with the next big thing, we’ve seen all manner of developments emerge from all sectors. Now, Silicon Valley Bank and First Data recently tipped us off about the contents of its accelerator program, Commerce.Innovated, which just embarked on its eighth class.
Commerce.Innovated is a four-month program that seeks to help good ideas take on fresh life, allowing these promising new enterprises to grow with some supervision and outside help. It’s been around since 2014, and has so far brought 32 companies into a greater life, including Earny, FutureFuel, and Splitwise, among others. Over half of the companies involved have either launched successful fundraising rounds or been acquired outright.
The five companies involved cover a fairly wide range of fintech capabilities; there’s Haven, a wealth management tool geared toward the millennial market, as well as Honeyfi, which is geared toward younger married couples combining their finances. Siftery helps businesses handle software, from buying it to discovering what’s out there to begin with. PayStand is a B2B commercial payments network that helps improve the cash cycle. Finally, there’s Quadpay, which is a lot like Afterpay, and offers customers the ability to pay for purchases in a simple four-installment run.
First Data executive vice president, and head of corporate and business development, Chris Foskett noted “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.”
Systems like Commerce.Innovated help bring us tomorrow’s products, and drive the mobile payments market—or most any market, really—forward. While it’s only so reliable—even names like Earny, FutureFuel and Splitwise aren’t exactly household names—just getting more competitors into the field can help drive new advances and make current products better.
Anything that expands competition is generally worth considering, and for Commerce.Innovated, it’s helping to drive the future of fintech as we know it.