Financial services firm Wells Fargo Bank has launched a start-up accelerator aimed at companies that could help improve its customers’ financial experiences.
The six-month boot camp will target companies developing technology in payments, fraud, deposits and other fields of innovation across Wells Fargo’s business.
Wells Fargo will invest between $50,000 to $500,000 in each of the chosen finalists, as well as providing business planning mentorship. Successful candidates may also become vendors to the bank.
“The start-up accelerator adds a new cylinder to our corporate innovation engine,” said Steve Ellis, executive vice president at Wells Fargo.
“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.”
Three companies have already been selected and funded for the pilot programme, including biometric technology developer EyeVerify, which raised $6m in a Wells Fargo-backed series A round last week through the accelerator.
Mobile services company Zumigo and Kasisto, which develops artificial intelligence technology for mobile devices, have also received funding.
Wells Fargo plans to give up to 20 young companies the opportunity to develop and refine products in a collaborative environment, in the twice yearly project. Applications for the accelerator programme are open until the 1st of October.