American startups in the payments and FinTech sector can apply to be part of Commerce.Innovated., a programme developed by MasterCard and Silicon Valley Bank (SVB) that aims to help new technology companies grow their business.
Launched in 2014, Commerce.Innovated. is a four month programme that is designed for early stage startups that want to make waves within the commerce space.
The scheme is designed to help new companies develop working relationships with big brand technology firms and learn new skills which will enable the creation of world-class commerce solutions to merchants and financial institutions across the United States.
Through the initiative MasterCard and SVB have worked with 15 commerce startups, including Apruve, AppZen, CardFlight, Dash, Footmarks, Gone! and Slide.
‘‘We have worked with three great classes of companies that are disrupting the commerce space and are looking forward to meeting the new applicants for the fourth class of Commerce.Innovated,’’ commented Reetika Grewal, head of payments strategy for Silicon Valley Bank.
‘‘Our operationally-oriented program provides a unique opportunity for early-stage payments, fintech and commerce companies to leverage our knowledge and networks. We have provided assistance to these amazing entrepreneurs in areas such as compliance, fraud prevention and developing payment solutions,’’ continued Grewal.
MasterCard is constantly on the hunt to find and nurture startups that want to improve their business.
In early September, Payment Eye brought to you the news that the card processor launched Start Path Global, a six-month programme that allows start-up owners from around the world to partner with MasterCard, as they look to upscale their business.
Meeting the crtieria
Applications to the programme are open to commerce startups until October 11th and they do not need to be affiliated with either MasterCard or SVB. There is however, criteria that needs to be met in order to be accepted on the programme. All startups must show that they:
- Are working on a solution that is purely designed to improve the commerce sector, with their technology designed to help consumers or businesses.
- Are operating within a small team that are cooperating with each other efficiently.
- Have already secured funding.
- Have a product that works.
The programme is set to begin sometime in November, and has received full support from Anant Kale, CEO of AppZen, one of the companies that was part of Commerce.Innovated. in 2014.
‘‘Commerce.Innovated. is a great program that really helped solidify critical pieces of our business and product strategy.’’
‘‘With both MasterCard and Silicon Valley Bank as partners, we were able to utilize their connections, resources, and expertise in data and fintech. The experience was very well worth the investment of time from our perspective and we look forward to a lasting relationship with our partners at Commerce.Innovated.’’
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