Silicon Valley Bank announced today that it has acquired the team and assets of Standard Treasury, the startup that built a platform to support banks in creating developer platforms. Standard Treasury, which was founded by Zac Townsend and Daniel Kimerling, launched out of our Summer 2013 class.
Townsend wrote about the decision to join SVB in a blog post published today:
"Dan and I started Standard Treasury a little more than two years ago because we saw that APIs would become the dominant way that commercial clients connect with their financial institutions. Since then we have had the honor to collaborate with leading bank's in the US and Europe in their goal of creating open APIs for their customers. We have also worked with hundreds of start-ups around the world to understand how they consume banking services and how doing so over secure RESTful APIs would dramatically improve their business processes.
Last year we decided that the best way to bring the Standard Treasury vision to fruition was to build our own bank. That's a big dream. Earlier this year, primarily because of concerns around regulatory and geographic risks, we were unable to raise a Series A funding round against that goal. With that door closed, we decided the next best thing was to closely align ourselves with one bank, in order to build a richer, more full featured, set of API based services for customers. The more we learned about SVB, the more we believe this partnership will be a faster, better, way to create the impact that we sought to create."
In its statement about the acquisition, Silicon Valley Bank said it is planning to release new API
banking services built by Standard Treasury's team over the coming months.