How can my business qualify for Well Fargo’s Startup Accelerator?
Wells Fargo & Co launched its Startup Accelerator in 2014 to support technology entrepreneurs. During this time the bank has received applications from more than 800 applications from startups in 40 countries – companies involved in a wide range of technological innovations from cyber security and artificial intelligence to digital marketing and operations.
Based In San Francisco, Wells Fargo also has an east coast hub based in Charlotte, North Carolina, and the bank is providing investment opportunities to startups in the region, particularly those involved in financial technology or “fintech.”
“Wells is committed to Charlotte. We have a big team, which makes it that much more of a complimentary place for startups already located there to get in touch with us,” said Braden More head of payment strategy at Wells Fargo.
What is Fintech?
Put simply, fintech encompasses an array of technological innovations that are shaping personal and commercial financial transactions. The explosion of the internet and broad band has triggered innovations in financial literacy and educations, retail and investment banking and so called “crytp-currencies. The next wave of fintech will see advances in mobile banking and trading, digital wallets, financial advisory and wealth management.
These technologies are designed to help individuals make better spending and investing decisions while also allowing institutional investors to take advantage of new opportunities in financial innovation. In short, banks, business clients, entrepreneurs and consumers all stand to gain from advances in mobile banking and financial analytics.
Wells Fargo’s Startup Accelerator
Wells Fargo’s initiative provides two or three startups in each program with an investment of up to $500,000 and 6 months of mentorship. The bank is focused on forming partnerships with startups that are building new fintech platforms that are in the pre-market stages of development, regardless of whether the technologies are applicable to banking. Its recent alliances have been focused on new companies that are developing mobile payment systems and biometric identification technologies.
In addition to finding investors, startups also need to consider a number of other factors in launching a new enterprise from selecting the right business structure to attracting and retaining talent, and securing their intellectual property. All of these matters can be clarified by engaging the services of an experienced business attorney.