SAN FRANCISCO — Wells Fargo (NYSE:WFC) announced that two new startup companies — Ascent RegTech and Motiv — have joined the Wells Fargo Startup Accelerator, which is designed to help advance emerging technologies that could transform the financial services industry.
Lisa Frazier, head of the Innovation Group at Wells Fargo, made the announcement onstage at the Quesnay Female Founders in Fintech competition in New York. The competition focused on supporting women-led startups with market-ready solutions that address key opportunities in financial services.
“We’re continuously seeking ways to improve customer and team member experiences, and working with promising startups is a key part of our efforts,” said Frazier. “The financial landscape is constantly evolving, and it’s critical that banks find innovative ways to serve their customers and provide them with seamless, convenient and relevant experiences and find new ways to manage risk.”
Latest Wells Fargo Startup Accelerator companies:
- Ascent RegTech (Chicago) provides an end-to-end compliance platform powered by artificial intelligence that distills complex regulatory text into daily tasks that are connected to internal controls, policies and procedures with full traceability. This makes it easy for compliance teams to know exactly what they need to do in order to be compliant.
“We are honored to be a part of the Wells Fargo Startup Accelerator and are excited to leverage the expertise of this global institution that is a market leader in innovative technology,” said Brian Clark, CEO of Ascent RegTech. “As an industry, we can accomplish so much more when large firms and startups work together, and we look forward to exploring ways we can bring innovative regtech solutions to market on a larger scale.”
- Motiv (San Francisco) is a wearable technology company focused on designing products that fit seamlessly into people’s lives and enable trust in a connected world. Motiv’s first product is a ring that provides users a 360-degree view of their health while keeping online identities secure.
“Motiv is excited about working with Wells Fargo leaders to advance wearable biometric authentication technologies,” said Tejash Unadkat, CEO of Motiv. “We want to help empower customers to engage with the IoT connected world in seamless, secure ways.”
The Wells Fargo Startup Accelerator program began in 2014 and currently has 23 companies in its portfolio. Startups are eligible to receive up to $1 million in funding, along with guidance from Wells Fargo business and technology leaders to help refine the launch of their ideas. The virtual, six-month, non-exclusive program has received nearly 2,500 applications from innovative companies in 91 countries since the program’s inception. Applications can be submitted throughout the year at www.wellsfargo.com/accelerator.