Wells Fargo to invest in Fintech and Payment startups through new accelerator

International financial and payment firm Wells Fargo, in an effort to promote innovation in the Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term space launched an Accelerator Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he Read this Term 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.

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.

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