Silicon Valley Bank to provide USD bank accounts to entrepreneurs accepted to the Atlas program
Silicon Valley Bank has partnered with Stripe to launch Atlas: a new Stripe product designed to give entrepreneurs everywhere access to the basic building blocks for starting a global internet business. The announcement was made today at Mobile World Congress during a keynote address by Stripe CEO, Patrick Collison. Silicon Valley Bank will be partnering with Stripe to provide banking services for Stripe Atlas startups.
Through the Atlas program, approved entrepreneurs will gain access to:
- an incorporated U.S. business entity
- a tax ID number
- a U.S. bank account from Silicon Valley Bank
- a Stripe account to receive payments from anywhere in the world
- basic services they'll need to get started, including tax guidance from PwC, legal advice from Orrick, Herrington & Sutcliffe, and tools and credits from Amazon Web Services.
"The promise of the internet is that information, knowledge, and commerce should be borderless. We've succeeded on only the first two of these to date. You can access a website from more or less anywhere in the world, but cross-border commerce remains one of the largest unsolved challenges of the internet,” said
John Collison, cofounder and president of Stripe. “We’re excited to partner with Silicon Valley Bank to provide Stripe Atlas entrepreneurs with the same caliber of banking infrastructure used by the world’s most innovative companies.”
Atlas intends to remove some of the artificial barriers that prevent new online businesses from getting started, giving entrepreneurs an easier way to build companies that are global from day one.
“We are thrilled to be part of the new Atlas program with Stripe to help make it easier for global entrepreneurs to access the innovation ecosystem," said Bruce Wallace, Chief Digital Officer of Silicon Valley Bank. “It's very exciting to work with a partner that shares a common goal of helping global entrepreneurs succeed and is leveraging technology to break down geographical barriers as a constraint.”
In partnership with Stripe, Silicon Valley Bank is able to bring banking services to entrepreneurs in places where they may not have access to a global payments and banking infrastructure. Through Atlas, approved international entrepreneurs receive a US bank account with SVB. SVB will conduct the same level of due diligence it does for any new banking relationship to comply with all US and international laws and regulations.
Learn more at www.stripe.com/atlas