Standard Treasury

Standard Treasury
Private
Industry Financial technology
Founded April 2013
Founder Dan Kimerling, Zac Townsend
Defunct August 1, 2015 (2015-08-01)
Headquarters San Francisco, California
Area served
 Worldwide
Website http://www.standardtreasury.com

Standard Treasury was an American financial technology software company that attempted to build an API-driven bank. Standard Treasury raised $2.7 million in funding and was later purchased by Silicon Valley Bank.

History

Standard Treasury was founded by Daniel Kimerling and Zachary Townsend in 2013.[1] The two-cofounders knew each other for nearly a decade before they founded the company, having met when they were 16.[2]

Standard Treasury began by building and selling Application programming interface ("API") software platforms to banks.[2] The company made it easier for software developers to work with banks by developing a white label collection of APIs for banks to offer publicly.[3][4]

Standard Treasury graduated from the Y Combinator seed startup accelerator.[5] TechCrunch called them one of "The Top 8 Startups From Y Combinator's Summer ’13 Demo Day". [6] The company also participated in two other accelerator programs: the Commerce.Innovated startup accelerator run by Silicon Valley Bank and MasterCard[7] and the FinTech Innovation Lab, a 12-week mentoring program created by Accenture and the Partnership for New York City.[8]

Standard Treasury raised $2.7 million in seed money from RRE Ventures, Index Ventures, SV Angel, Paul Buchheit and others in 2014.[9]

American Banker called Standard Treasury one of the "Top 10 Tech Companies to Watch" at the end of 2014.[10]

Standard Treasury pivoted from building API software for banks to attempting to become its own bank and was subsequently unable to raise a Series A round.[11][12]

Acquisition

Standard Treasury was acquired by Silicon Valley Bank in August 2015.[13] Terms of the deal were not released, but several news organizations characterized the transaction as an acqui-hiring.[14][15] Standard Treasury's team joined SVB's information technology team to expand the bank's API platform, allowing commercial customer to interact with the bank programmatically.[16][17][18]

References

  1. ↑ Cutler, Kim-Mai (July 9, 2013). "YC-Backed Standard Treasury Aims To Make Software That Eats Commercial Banking". TechCrunch.
  2. 1 2 Shontell, Alyson (July 18, 2013). "YC Startup Standard Treasury Plans To Make Millions By Making It Easier For App Developers To Work With Banks". Business Insider.
  3. ↑ Castor, Amy (July 23, 2013). "Standard Treasury Wants to Bring Banks into the 21st Century". ProgramableWeb.
  4. ↑ Schubarth, Cromwell (August 21, 2013). "6 top startup picks from Y Combinator Demo Day". Silicon Valley Business Journal.
  5. ↑ Farr, Christina (August 20, 2013). "Celebrities (but not Ashton Kutcher) share their top cloud & infrastructure picks at YC". Venutre Beat.
  6. ↑ Constine, Josh (August 20, 2013). "TechCrunch's Picks: The Top 8 Startups From Y Combinator's Summer '13 Demo Day". TechCrunch.
  7. ↑ Macinas, Melanie (June 1, 2015). "Silicon Valley Bank and MasterCard Pick Five Startups for Virtual Accelerator Program". Payment Week.
  8. ↑ "Six Entrepreneurs Showcase Cutting-Edge Financial Services Solutions at 2014 FinTech Innovation Lab Demo Day in New York". Accenture Press Release.
  9. ↑ Kolodny, Lora (May 28, 2014). "Standard Treasury Raises $2.7M to Help Banks Deliver Digital Services". Wall Street Journal.
  10. ↑ "Top 10 Tech Companies to Watch". American Banker. October 13, 2014.
  11. ↑ "Silicon Valley Bank acquires startup team to build out API platform". Finextra. August 6, 2015.
  12. ↑ Ryan, Phillip (August 6, 2015). "Silicon Valley Bank Buys API Shop Standard Treasury". BankInnovation.net. Retrieved November 11, 2015.
  13. ↑ "API Banking Startup, Standard Treasury, Joins Silicon Valley Bank". August 5, 2015. Retrieved November 11, 2015.
  14. ↑ Dautner, Mike (August 7, 2015). "Standard Treasury Hired to Aid Silicon Valley Bank's API Banking Services". Paymentweek. Retrieved November 11, 2015.
  15. ↑ Schubarth, Cromwell (August 6, 2015). "Silicon Valley Bank acqui-hires Y Combinator startup to evolve digital banking". Silicon Valley Business Journal.
  16. ↑ Macheel, Tanaya (August 6, 2015). "Silicon Valley Bank Hires API Startup Team to Expand Digital Banking". American Banker. Retrieved November 11, 2015.
  17. ↑ "Silicon Valley Bank Eyes API-Based Banking". pymnts.com. August 7, 2015. Retrieved November 11, 2015.
  18. ↑ Barba, Robert (August 25, 2015). "Build Your Own Bank? SVB Lets Customers Do Just That". Retrieved November 11, 2015.
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