Silicon Valley Bank and First Data are collaborating on Commerce.Innovated a four-month virtual accelerator designed to help commerce, payments and fintech startups grow their businesses. Courtesy Silicon Valley BankReetika Grewal, head of Silicon Valley Bank’s payments strategy and solutions group, said First Data’s expertise in payments, fintech and commerce expertise will be pivotal for startups in the program. The bank launched the program in 2014 and has worked with 24 companies since then including Splitwise, Earny, CardFlight, Float and PennyOwl. Unlike some other accelerators that target very early stage startups, Commerce.Innovated looks for companies that have secured or are raising seed or Series A funding and have a strong, small core team. “We look for people or companies that have really really strong founders, that is one of the key indicators of success,” said Grewal.

Source: Forbes April 11, 2017 19:51 UTC