Standard Treasury

Standard Treasury emerged in 2013 as a pioneer in the API-driven banking infrastructure space, founded by Daniel Kimerling, Zachary Townsend, and Brent Goldman. The company was a graduate of the Y Combinator accelerator's Summer 2013 batch and was established with the vision that APIs would become the predominant method for commercial clients to interact with their financial institutions. The founders brought together a blend of relevant experience; Kimerling had previously co-founded Giftly and worked as an analyst at TechCrunch, while Townsend had served as a technology policy advisor and would later become the inaugural Chief Data Officer of California. Goldman's background included engineering roles at Facebook and Uber.

The firm's core business was providing a platform for banks that enabled them to offer developer-friendly tools and ecosystems. Standard Treasury built, hosted, and maintained white-labeled or co-branded developer platforms, allowing banks to offer their corporate clients robust API access to banking services. This service addressed the growing need for automation in treasury management and accounting by connecting modern corporate software directly to legacy banking systems. The business model was designed to generate top-line growth for its partner banks by reducing customer service costs, decreasing churn, and boosting transaction volumes. The product suite included RESTful APIs for payments and account information, a developer dashboard, various SDKs, and tools for AML and transaction fraud detection.

After a two-year journey that included backing from investors like Y Combinator, Andreessen Horowitz, and Index Ventures, Standard Treasury's path took a significant turn. The team initially explored the ambitious goal of becoming a bank themselves but faced challenges in raising a Series A round due to perceived regulatory and geographic risks. This led to a strategic shift towards a deep partnership with a single institution. In August 2015, Silicon Valley Bank (SVB) acquired the assets and team of Standard Treasury. The founders, Kimerling and Townsend, joined SVB to lead its API banking initiatives, integrating their vision and technology to enhance SVB's digital offerings for its tech-focused clientele.

Keywords: API banking, banking-as-a-service, BaaS, fintech infrastructure, commercial banking API, treasury management automation, open banking, developer platform, financial technology, Y Combinator S13, Silicon Valley Bank acquisition, Daniel Kimerling, Zachary Townsend, Brent Goldman, corporate banking, payment APIs, account information API, automated clearing house, wire transfers, financial services API