International financial and payment firm Wells Fargo, in an effort to promote innovation in the Fintech space launched an accelerator program in order to mentor and finance payment and Fintech startups.
Registration is currently open for firms interested in applying for the first round of the semiannual boot camp. 20 startups will be chosen by a panel of Wells Fargo technology, venture banking and innovation executives. Firms approved by the panel will receive mentoring to enhance their ideas, as well as a direct equity investment of between $50,000 and $500,000.
“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,” Steve Ellis, head of wholesale services for Wells Fargo.
Wells Fargo has already chosen 3 firms to pilot the new program. Secure Mcommerce firm Zumigo, biometric verification startup EyeVerify and AI technology developer Kasisto were the ones chosen.
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The race of payment and finance firms looking to accelerate and incubate startup firms has become recently overwhelming. Wells Fargo is following other financial companies such as MasterCard, Barclays, and PayPal who also devised similar programs to encourage innovation in the payment space.
Interested companies can sign up for the program until October 1st 2014.