Silicon Valley Bank and Mastercard have selected six new startups for their fifth class of Commerce.Innovated, a virtual accelerator designed to help commerce, payments and fintech startups grow their businesses.
The six startups will go through a four-month virtual programme that will include resources that help the companies refine and enhance their business ideas through interactions with the networks of professionals provided by Mastercard and SVB.
The six companies that were selected to participate in the current class come from across the U.S. and are in various stages of funding and development:
Domuso is a payment financing platform for renters in Multifamily Communities, Santa Monica that allows property renters to pay their rent and all associated fees in a flexible, digital manner.
Earny is personal assistant who automatically gets you money back on every purchase you make when the prices drop.
Papaya allows customers to take a picture of their bills, which the app will then automatically validate it and facilitate the payment.
SmartGift is a New York-based provider of product e-gifting technology for nextgen commerce. The present giver doesn’t have to know the specifics, just the product itself e.g. trainers, which SmartGift then lets the recipient tailor to their size and preference or exchange for something else.
Truebill an automated financial assistant that tracks, manages, and cancels paid subscriptions and recurring bills.
Qwil is a mobile app that helps independent contractors regulate and control their invoices.
“With the continued innovation in payments, commerce and fintech, we saw some great companies come through the application process,” said Reetika Grewal, head of Silicon Valley Bank’s payments strategy and solutions group.
“The pace at which innovation is occurring in fintech and commerce underscores the importance of programs like Commerce.Innovated. as a way to collaborate with these new companies and shape the future of commerce together,” said Stephane Wyper, global lead of startup engagement at Mastercard.
Wirecard has partnered with Apple Pay in France to launch boon, its mobile payment application.
A group of Chinese companies and state-owned businesses are partnering to create a new $1.5 billion fintech fund that will focus on mergers and acquisitions, and nurturing fintech enterprises in China.
Lloyds banking Group has agreed to pay £1.9 billion for Bank of America's credit card firm, MBNA, in the first acquisition by a UK bank since the 2008 financial crisis.
PayPal has partnered with Citigroup to make paying using mobile phones easier. As part of the deal, Citi will become the first bank to have its cards tokenised for in-store purchases using PayPal.