Friday August 22, 2014 0 comments
DENVER - Wells Fargo announced it is accepting applications from startups with financial services technology to join a new Startup Accelerator program that includes an equity investment of $50,000 to $500,000 from the San Francisco-based bank.
The company said it will accept applications through Oct. 1. The program includes a boot camp for innovators with finance-related technology.
The six-month accelerator program will also provide business planning to firms. The program is designed to attract innovative ideas and stoke innovation in the banking field.
"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," said Steve Ellis, EVP and head of wholesale services at Wells Fargo.
"We're taking a proven business model from the venture capital community and repurposing it as a strategy for connecting with startups whose ideas and growth prospects could add value to our business and our customers.
"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," Ellis said. "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."