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
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.
You can read the SVB press release about the deal here, and the full blog post from Townsend here.