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Wells Fargo launches accelerator programme to support fintech start-ups

BBR Staff Writer Published 21 August 2014

American banking and financial services company Well Fargo has launched a new Startup Accelerator programme to support firms that develop financial technology (fintech) products.

Under the six-month programme, the lender will invest up to $500,000 in each selected start-up firm and provide business planning ideas.

In addition, the lender's subject matter experts and purchasing managers will conduct workshops and provide individual coaching to the firms to develop their financial technology products.

The company will select up to 20 start-ups that develop products for payments, fraud and operations.

Wells Fargo Wholesale Services head and executive vice-president Steve Ellis said: "For Wells Fargo to work on big ideas and spark innovators inside our organization, we need to expand our access to new ideas at the edges of our industry.

"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."

The company has already selected three firms, Zumigo, EyeVerify and Kasisto for the Startup Accelerator programme.

Ellis said: "We're interested in any technology that could be used by an institution like Wells Fargo to better serve our customers or operate our business.

"Analytics, big data, mobile, security, and infrastructure are all important to us. We're looking to engage with innovators beyond the edge of our own creative enterprise."