MasterCard and Silicon Valley Bank are inviting startups from across North America to apply for a position in the Commerce.Innovated. class, which is designed to help commerce-focused startups grow their business.
In the four-month Commerce.Innovated. program, participating startups receive access to industry expertise across the commerce space from selected MasterCard and Silicon Valley Bank executives and partners.
Early-stage startups thinking about applying should meet the following criteria:
- Focused on an innovative commerce solution;
- Assembled a strong, small core team;
- Activated a beta of their solution, that projects to generate revenue in the next 6 months;
- Secured or raising seed funding, with plans to raise Series A;
- Applications are being accepted through July 20 at www.commerceinnovated.com. Informational sessions will be held in July for those interested in learning more about the program; startups should email email@example.com for event specifics. Startups selected in this round will begin their four-month program in September.
Commerce.Innovated. launched their first class in April 2014 with six startups: CardFlight, Dash, PayByGroup, Penny Owl, Standard Treasury and Splitwise.
PennyOwl founder and CEO Seamus Matthews commented, "Participating in this program enabled us to validate and accelerate our plans, while connecting us to potential partners and investors."
Camilo Acosta, co-founder and CEO of PayByGroup noted that, "Commerce. Innovated. has been a perfect match for us, because the effort is tailored to our specific needs."
"There's learning that happens on both sides in programs like these - startups can tap into our industry knowledge and experience, while we can observe and apply some of their more agile and flexible behavior to our day-to-day work. It's a win-win for all involved," said Stephane Wyper, Start Path global lead at MasterCard.
"Our aim is to increase our client's probability of success, help them navigate their growth, and connect with potential partners to achieve their ambitious goals. This program is a perfect example of that and we're looking forward to meeting the new applicants," said Reetika Grewal, head of Silicon Valley Bank's payments strategy.
Companies do not need to be current clients of Silicon Valley Bank to apply for the program. Commerce.Innovated. is part of MasterCard Start Path, the company's commitment to help accelerate startups toward long-term success.