Wells Fargo creates startup accelerator to get front-row seat on financial innovation
Thursday, August 21, 2014
Wells Fargo & Co. (NYSE:WFC) has established the Wells Fargo Startup Accelerator, designed for startups pursuing innovation in financial services.
The San Francisco-based bank, which bases its East Coast operations in Charlotte, will make direct equity investments of $50,000 to $500,000 in the startups selected to participate in the accelerator’s six-month “boot camp” for innovators.
The connections and coaching from the bank’s purchasing managers could be even more valuable than the cash. Successful companies may become vendors to the bank, Wells said Wednesday.