Ascent RegTech and Motiv have joined the Wells Fargo Start-up Accelerator programme, giving them each access to funding of US $1 million.
Designed to help advance emerging technologies in the financial services industry, start-ups joining the scheme are each eligible for up to $1 million in funding to help refine their ideas, along with guidance and advice from business leaders.
Ascent RegTech, based in Chicago, provides artificially intelligent compliance solutions. The technology distils complex regulation into daily tasks connected to internal controls, policies and procedures with full traceability.
“As an industry, we can accomplish so much more when large firms and start-ups work together, and we look forward to exploring ways we can bring innovative regtech solutions to market on a larger scale,” said Brian Clark, chief executive officer of Ascent RegTech.
Meanwhile San Francisco-based Motiv is a wearable technology firm that has recently designed a ring that provides users with a 360 degree view of their health. It is hoped the firm’s involvement can lead to the development of wearable biometric authentication technologies.
Tejash Unadkat, chief executive officer of Motiv, added: “We want to help empower customers to engage with the IoT connected world in seamless, secure ways.”
The Wells Fargo programme was initially launched in 2014 and the portfolio is now made up of 23 companies. The virtual, six-month, non-exclusive program has received nearly 2,500 applications from companies in 91 countries since its inception.
Lisa Frazier, head of the Innovation Group at Wells Fargo, explained: “We’re continuously seeking ways to improve customer and team member experiences, and working with promising start-ups is a key part of our efforts.
“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.”
Companies already benefiting from the program include fintech firm Open Risk, which provides a derivatives collateral and liquidity management platform, and Vouchr. Vouchr has created an engagement platform for digital money that transforms financial institutions’ existing transactions into a personalised customer experience.