PayStand, Quadpay join the Silicon Valley Bank-First Data fintech lab
Two payments startups, PayStand and Quadpay, are collaborating with Silicon Valley Bank and First Data during a four-month accelerator program to explore mutual product development opportunities.
PayStand, founded in 2013 in Scotts Valley, Calif., leverages blockchain technology for B2B billing, including secure processes for documenting of payments. PayStand picked up $6 million in investment funding last year and expanded to Canada this year.
“We are one step closer to realizing our vision for a more seamless, open commercial banking system,” said Jeremy Almond, PayStand’s founder and CEO, in a recent press release.
Quadpay, founded last year in New York, developed an online payment platform enabling consumers to pay for purchases immediately or in four interest-free installments.
“These innovators are driving important advancements in payments, fintech and commerce to make experiences for businesses and consumers simpler and more transparent,” said Reetika Grewal, Silicon Valley Bank’s head of payments strategy and solutions, in a press release.
SVB and First Data established the fintech accelerator Commerce.Innovated in 2014. Other companies participating in the latest class provide services to manage wealth, consumer finances and business software.