Bruce Wallace (COO Silicon Valley Bank) is planning to release new API banking services over the coming months. The Standard Treasury team will now help accelerate that.
Financial details of the hiring and acquisition were not disclosed. Both Kimerling and Townsend are now directors of Silicon Valley Bank. Standard Treasury raised $2.7 million in seed funding early in 2014 but was unable to raise a Series A round. "We view API banking services as a natural progression in how our tech-savvy clients want to work with their banking partners and service providers," SVB Chief Operating Officer Bruce Wallace said in a press release. "The Standard Treasury team's vision for the future of API banking services aligned perfectly with our vision, so it's exciting that we are now joining forces to deliver that vision to the market." In addition to going through Y Combinator in Mountain View, it also went through Commerce.Innovated, an accelerator run by SVB and MasterCard.”