Silicon Valley Bank, the California bank subsidiary and commercial banking operation of SVB Financial Group (NASDAQ: SIVB), has acqui-hired Standard Treasury, a Y Combinator-backed company and a graduate of the SVB and MasterCard accelerator, Commerce.Innovated.
The amount of the deal was not disclosed.
The acquisition will allow SVB to accelerate the development of its API (application programming interface) banking services that will enable easier collaboration, product development and integration with its clients.
The bank is planning to release its services over the coming months.
Led by Daniel Kimerling and Zachary Townsend, the former Standard Treasury team joined Silicon Valley Bank’s information technology team in support of the corporate’s expanding digital banking platform.
Silicon Valley Bank also acquired certain assets of Standard Treasury.