Wells Fargo pumps funds into accelerator startups

Wells Fargo pumps funds into accelerator startups

Wells Fargo is investing up to $500,000 in each of three Bay Area startups that have won a place in the Fall 2015 class of its semi-annual startup accelerator scheme.

The three early-stage companies pocketing the cash include voice analytics engine Gridspace, real-estate transaction tech firm Roostify and real-time database outfit Splice machine.

“Our Startup Accelerator expands our vision of the future of financial services beyond the boundaries of Wells Fargo and banking, introducing us to innovators who want to shape how our customers handle their financial needs in the future,” says Steve Ellis, head of Wells Fargo’s Innovation Group. “Our business and technology leaders work closely with accelerator members to test concepts, validate technologies, identify market opportunities, and guide them through the process of bringing their ideas to market.”

He says the company has received applications from innovative companies in 23 countries since the inception of the Startup Accelerator in 2014. Participants are paired with a Wells Fargo business leader who shepherds the startup through the due diligence that’s required before an emerging technology results in a purchase order with the company.

The bank has set a 16 December deadline for application for its next class in the spring of 2016.

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