First Data, Silicon Valley Bank partner to launch fintech accelerator

First Data, a global leader in commerce-enabling technology, has collaborated with Silicon Valley Bank on a fintech accelerator ‘Commerce.Innovated.’ that is designed to help payments, commerce and fintech startups in growing their businesses.

According to the official release, the fintech accelerator is a four-month virtual program that offers participants with operational mentorship from Silicon Valley Bank, First Data, and their respective networks.

“We’re excited to begin the next phase of ‘Commerce.Innovated.’ with First Data as our partner. First Data brings vast payments, fintech and commerce expertise, and resources to the table that will be pivotal for our startups as they build their businesses. Our small class size allows us to work closely with each entrepreneur and really customize the program to help them reach their specific milestones,” Reetika Grewal, head of Silicon Valley Bank’s payments strategy and solutions group, stated.

The fintech accelerator was launched in 2014 and has worked with over 20 startups. After graduating from the program, more than half of the companies in the program have raised funding or been acquired.

The program is open to early stage companies that meet criteria including building a solution that is helping to make commerce, payments or fintech easier, safer or better for consumers or businesses, secured or raised seed or Series A funding, have a working product, among others.

“Silicon Valley Bank has established a very strong reputation for working with the most innovative companies in the world and we are excited to expand our partnership with them to mentor the next generation of fintech startups,” Guy Chiarello, President, First Data, said. “For years, First Data has tapped into Silicon Valley’s brightest minds, from growing our product and engineering footprint on the West Coast to partnering with the best technology companies in the Valley.”

The applications for the Class 6 of ‘Commerce.Innovated.’ accelerator are open and being accepted until April 30, 2017.