MasterCard Powers Fintech Startups With Commerce.Innovated

MasterCard announced yesterday that it will be teaming up with Silicon Valley Bank to offer a virtual, four-month program designed to help commerce-focused startups prosper. Dubbed Commerce.Innovated, the program is highly selective and is based on the level of innovation a startup’s solution involves. It aims to provide startups with the necessary tools to “refine and enhance their solutions through access to industry expertise from MasterCard, Silicon Valley Bank and their respective networks.”

By providing these tools for success, MasterCard and Silicon Valley Bank are allowing these new companies to both promote and grow their businesses, and ultimately fuel growth in financial technology as a whole.

“The future of payments will be shaped by collaboration between established companies and innovative startups looking to create new solutions for consumers,” says Stephane Wyper, global lead of MasterCard Start Path, in the release. Commerce.Innovated. kicked off last year and has worked with 10 commerce-focused startups to date, including CardFlight, Dash, Gone, Kaayasoft, PayByGroup, Penny Owl, Realtor Maven, Standard Treasury, Splitwise, and Slide.

Reetika Grewal, head of Silicon Valley Bank’s payments strategy and solutions, noted that “incredible entrepreneurs in the fintech space” were flowing through the program already, and they’re looking forward to meeting new applicants.

The program, which starts in April, is open to early-stage startups that meet the following criteria, according to MasterCard:

• Have a solution that is helping to make commerce easier, safer or better for consumers or businesses
• Have secured or are raising seed funding
• Have a strong, small core team dedicated to the mission
• Have a working product

Applications for the next Commerce.Innovated. class can be submitted online, where full program eligibility details are also available, through March 8. Virtual information sessions will be held today (Feb. 19) and tomorrow (Feb. 20), before which interested companies can sign up for a time to speak.