Community-based financial services company Wells Fargo (NYSE:WFC) is joining the startup world with the launch of a new startup accelerator.
The Wells Fargo Startup Accelerator is a semiannual boot camp for innovators “whose technology ideas in payments, deposits, fraud, operations and other fields could shape future customer experiences in financial services“.
Wells Fargo will make a direct equity investment of $50,000 to $500,000 in each selected startup and the accelerator also will provide business planning expertise to them during the program. Successful companies may become vendors to the bank.
In addition to them, the accelerator will support 10 to 20 young companies each year to develop and refine products in a collaborative environment. Applications will be accepted twice per year, with a deadline of October 1 for this fall’s program.
Prospects can apply online at https://accelerator.wellsfargo.com.