August 26, 2015
A couple of weeks ago, we got to know that Silicon Valley Bank (SVB) acquihired Standard Treasury, a Y Combinator-backed API banking startup to build API banking services for their clients. After that, we got an opportunity to interview Mr. Bruce Wallace, Chief Operations Officer at Silicon Valley Bank, about SVB’s recent acquihire. Bruce has worked for more than 20 years with Wells Fargo and he has been working with SVB for more than seven years now. He shared valuable information with our readers.
LTP: Why did you acquihire Standard Treasury’s team?
Bruce: We acquihired the team, but we offered to do an asset purchase. In terms of the intellectual property (IP) that Standard Treasury developed, we also acquired that as a part of the transaction. It was an asset purchase agreement where we acquired the code and the IP they had developed along with hiring the team. Five out of six ST employees joined SVB. There was one employee who left several weeks before we did the acquihire.
LTP: Since SVB is an international bank, would you launch the API services internationally?
Bruce: We will offer the API services to our clients outside the United States. When we do our initial data re ...