New Fintech Accelerator Class Has Digital, Mobile Payments Emphasis

New Fintech Accelerator Class Has Digital, Mobile Payments EmphasisFour new startups have been selected for the Commerce.Innovated. accelerator program run by MasterCard and Silicon Valley Bank. The newest participants help to signal the banks’ areas of focus with respect to technological innovation.

All of them point to the growing importance of digital transactions; for example, Alloy is a startup developing an “API to collect and manage customer data,” as the companies put it in a press release. With the other startups – exempting an unnamed fourth company that has remained anonymous for the time being—there is a heavy mobile emphasis. Float is a startup described as a “mobile credit provider,” while LaunchKey is the developer of a mobile authentication platform that has already generated substantial investor interest.

Commenting on the new Commerce.Innovated. class, Silicon Valley Bank executive Reetika Grewal suggested they reflect developments in the broader financial services sector, asserting that the “commerce and fintech sectors continue to gain momentum as startups work to balance innovation and their regulatory requirements.” MasterCard’s Stephane Wyper, meanwhile, emphasized the importance of his company’s exploration of technological innovation. “It is important that we support startups that are bringing fresh, creative ideas and experimenting with next generation of solutions, as they will create better experiences for our customers, partners, and the entire commerce ecosystem,” he said.