Extend and Oliver Join the Wells Fargo Startup Accelerator

Rhea-AI Summary

Wells Fargo (NYSE: WFC) has welcomed two new companies, Extend and Oliver, into its Startup Accelerator. This program aids startups in developing solutions for customer experience, payments, marketing, and more, utilizing technologies like AI and distributed ledger tech. Currently, the Accelerator includes 27 companies. Each startup can receive up to $1 million in funding and mentorship to foster growth. Since its inception, the program has attracted over 3,200 applications globally.

Positive

• Addition of Extend and Oliver enhances the Wells Fargo Startup Accelerator portfolio.
• Startups can receive up to $1 million in funding, facilitating growth and innovation.
• The Accelerator has received over 3,200 applications, indicating strong interest and potential in innovative solutions.

Negative

• None.

SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC) announced today that companies Extend and Oliver have joined the Wells Fargo Startup Accelerator, a portfolio of startup companies that develop solutions across a broad set of domains including customer experience, payments, marketing, risk and regulation, climate change and security. Companies in the Wells Fargo Startup Accelerator are able to take advantage of education, mentorship and investment to guide early stage growth. These companies can make use of emerging technologies such as artificial intelligence, distributed ledger technology and augmented reality to solve challenges. Presently there are 27 companies in the Accelerator portfolio.

“The Wells Fargo Startup Accelerator combines the talent and nimbleness of a startup with the expertise and scale of Wells Fargo to work on innovative solutions for our customers and businesses,” said Lisa Frazier, head of Wells Fargo’s Innovation Group. “The future of banking, and the ability to adapt to ever changing customer needs rely on these types of collaborations. We welcome Extend and Oliver to the Wells Fargo Startup Accelerator.”

The latest Wells Fargo Startup Accelerator companies:

• Extend (New York, New York) provides digital payment infrastructure for trusted financial institutions to enable modern card experiences. Leading banks, businesses, and other innovators can now access the full power of virtual cards for their business, products, and clients. Extend offers several products, including a suite of aggregated virtual card APIs, a digital corporate card app, and an industry-first card tokenization service.
  
  “We are delighted to team up with Wells Fargo given their portfolio of small to mid-sized businesses and desire to innovate,” said Andrew Jamison, Extend CEO and co-founder. “We look forward to working together to explore new payment capabilities that to date have only been available to the largest corporate clients. With easy onboarding, intuitive user experience, and strong controls associated with virtual cards, there is huge potential in this partnership and we look forward to seeing it grow.”

• Oliver (Washington, D.C.) transforms legal servicing by enabling all parties to collaborate with ease on a product that drives efficiency, creates transparency, and ensures compliance. It achieves that by building software to consolidate, orchestrate, and optimize high-volume, compliant legal servicing.
  
  "By working with the Wells Fargo Startup Accelerator, we will drive critical capabilities into our solution based on real-world experience with Wells Fargo,” said Walker White, Oliver CEO. “All our existing and new customers will benefit from the lessons and requirements of one of the largest financial services companies in the world."

Now in its sixth year, the Wells Fargo Startup Accelerator focuses on advancing emerging technologies in pursuit of breakthroughs for financial services. Startups are eligible to receive up to $1 million in funding, along with guidance from Wells Fargo business and technology leaders to help refine and scale their solutions. The program has received more than 3,200 applications from innovative companies in more than 100 countries since the program’s inception. Applications can be submitted throughout the year at www.acceleratorapply.wf.com.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.92 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,200 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

News Release Category: WF-IT