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.
We've been working with SVB since almost the very beginning of Standard Treasury. Bruce Wallace, Megan Minich, Seth Polansky, and numerous others at the bank have been some of our strongest advocates. When Bruce approached us about being acquired earlier this year, we knew that SVB would be an ideal partner. SVB is the bank of the innovation economy and we couldn't be happier to join them in making their vision of a global digital bank for the world's most innovative companies a reality.
We are proud of the great technology we have built and the positive feedback we got in private user sessions: APIs for payments and account information, a developer dashboard, a range of SDKs, and AML and transactional fraud detection tools for the volumes that we expected our API to handle. We are looking forward to transforming these products for the SVB context and launching some versions of them. We want to thank our past and present team — Brent Goldman, Keith Ballinger, Mike Clarke, Jim Brusstar, Erin Odenweller, Chris Dean, and W. David Jarvis. They were the true creators of our products.
The past two years have been quite the ride and we are so grateful for the many people that support our efforts: Y Combinator, Index, RRE, Columbia Nova, Susa, Promus, and all the angels believed in Dan and I when we were only a powerpoint deck. The FinTech Innovation Lab, and specifically Maria Gotsch, gave us an incredible platform for sharing our vision with the world.
We're looking forward to continuing to push forward the future of financial services and will have lots to share (and show) in the coming months.
Dan and I wrote this post collaboratively.