Standard Treasury
| Private | |
| Industry | Financial technology |
| Founded | April 2013 |
| Founder | Dan Kimerling, Zac Townsend |
| Defunct | August 1, 2015 |
| 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
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