Wells Fargo launches FinTech startup accelerator

Wells Fargo has launched an accelerator programme for Fin Tech startups, with a focus on innovation in the banking sector.

The programme will run a semiannual bootcamp for young firms working on innovative ideas in deposits, fraud, payments, operations and other financial services.

A panel of Wells Fargo technology, venture banking and innovation executives will select up to 20 startups per year to take part. Applications for the first round are open until 1st October.

Participating firms will be given support to develop and refine their products, as well as a direct equity investment of between $50,00 and $500,000.

Three pilot startups have already been chosen for the programme: Zumigo, a firm that uses location and mobile identity technologies to secure commerce and enable marketing; EyeVerify, which transforms a picture of a user’s eye into a key that protects their digital life; and Kasisto, which builds AI technology that uses intelligent conversation on mobile devices.

Steve Ellis, head, wholesale services, Wells Fargo, commented: “The Startup Accelerator adds a new cylinder to our corporate innovation engine. We’re taking a proven business model from the venture capital community and repurposing it as a strategy for connecting with start-ups whose ideas and growth prospects could add value to our business and our customers.”

Click here to find out more about the programme and submit an application.

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