18 August 2017
visit www.avoka.com

Wells Fargo to invest in fintech startups through accelerator

20 August 2014  |  16378 views  |  0 Wells Fargo

Wells Fargo has become the latest bank to launch an accelerator programme, promising mentoring and hard cash to selected fintech startups.

Young firms working in areas such as payments, fraud and operations can apply for the first round of the six month, semiannual boot camp until 1 October. Up to 20 startups a year will be selected by a panel of Wells Fargo technology, venture banking and innovation executives to take part.

Firms that make it through will not only be given support to develop and refine their products, they will also each get a direct equity investment of between $50,00 and $500,000.

Steve Ellis, head, wholesale services, Wells Fargo, says: "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 bank has already picked three startups to pilot the accelerator. 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.

Established financial services giants have been rushing to launch and back accelerators and incubators over the last year as they seek to co-opt the exploding community of fintech startups. Wells Fargo follows Barclays and MasterCard in setting up its own programme, while others, such as Lloyds, have backed efforts like Startupbootcamp.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Intesa Sanpaolo backs Startupbootcamp fintech accelerator

Intesa Sanpaolo backs Startupbootcamp fintech accelerator

12 August 2014  |  9242 views  |  0 comments | 16 tweets | 2 linkedin
Fintech Innovation Lab lands in Hong Kong

Fintech Innovation Lab lands in Hong Kong

12 June 2014  |  12302 views  |  0 comments | 14 tweets | 2 linkedin
Barclays unveils fintech accelerator startups

Barclays unveils fintech accelerator startups

11 June 2014  |  14584 views  |  0 comments | 27 tweets | 10 linkedin
MasterCard launches European incubator programme for commerce startups

MasterCard launches European incubator programme for commerce startups

07 May 2014  |  9172 views  |  0 comments | 12 tweets | 13 linkedin
US firms deposit $1bn through Wells Fargo app

US firms deposit $1bn through Wells Fargo app

28 March 2014  |  6150 views  |  0 comments | 5 tweets | 5 linkedin
Wells Fargo and JPMorgan take contrasting stance on bitcoin

Wells Fargo and JPMorgan take contrasting stance on bitcoin

24 January 2014  |  14092 views  |  2 comments | 11 tweets | 14 linkedin
Wells Fargo joins Isis Mobile Wallet scheme

Wells Fargo joins Isis Mobile Wallet scheme

13 December 2013  |  5398 views  |  0 comments | 6 tweets | 8 linkedin
Wells Fargo plans mini-branches

Wells Fargo plans mini-branches

12 April 2013  |  9823 views  |  0 comments | 8 tweets | 5 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.abe-eba.euvisit www.worldpaymentsreport.comvisit www.niceactimize.com

Who is commenting?

A Finextra member Finextra Member Commented on: Real Time Payments is...
A Finextra member Finextra Member Commented on: Real Time Payments is...

Top topics

Most viewed Most shared
China preps central clearing house for mobile payments providersChina preps central clearing house for mob...
10384 views comments | 8 tweets | 16 linkedin
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8560 views comments | 1 tweets | 3 linkedin
hands typing furiouslyCompliance: Overcome the data deficit
7976 views 0 | 1 tweets | 9 linkedin
Hong Kong fintech accelerator sets up shop in MalaysiaHong Kong fintech accelerator sets up shop...
6938 views comments | 9 tweets | 3 linkedin