Wells Fargo has selected two early stage payment companies – Alpha Payments Cloud and Jewel Paymentech – to participate in the spring 2016 class of the Wells Fargo Startup Accelerator program , the companies said in a statement.
Wells Fargo will be investing up to $500,000 in the companies through the non-exclusive, six-month, semi-annual programs which help startups refine their potential breakthrough technologies for financial services and other applications.
Jewel Paymentech, a financial risk technology company, develops intelligent risk solutions for the banking and electronic payments industry also offers automated real-time solutions to large merchants to identify illegal and counterfeit goods.
“We are excited that our technology has been recognised by Wells Fargo, and we have been given the opportunity to work with one of the world’s largest banks. It supports the Jewel Paymentech value proposition to the finical services industry and its interest in new technology to mitigate fraud, credit and money laundering risks amplified by rapidly growing e-commerce merchant portfolios,” said Sean Lam, co-founder and CEO, Jewel Paymentech.
The investment adds to Jewel Paymentech’s Series A funding round led by Tuas Capital Partners Pte. Ltd. In 2015, Jewel was also named one of the most promising FinTech companies in Asia by SWIFT.
The programme will focus on areas such as innovation and big ideas in areas such as analytics, mobile, cybersecurity, payments, lending, user-interaction design, artificial intelligence, virtual reality, digital marketing and operations.
Wells Fargo also pairs each startup with a mentor who provides education and guidance around the process of approaching and selling products and services to a Fortune 500 company.
“We’re excited to be investing in Jewel Paymentech through our Startup Accelerator and have it be part our investment portfolio,” said Steve Ellis, head of Wells Fargo’s Innovation Group. “Jewel Paymentech’s risk technology and focus on onboarding procedures and speed and scalability in a bank’s merchant acquisition efforts, make it particularly interesting for us to explore.”
Alpha Payments Cloud, the second Singaporean startup, created a Payments-as-a-Service platform, AlphaHub, that enables banks, merchants, PSPs and ISOs to access any payment type, solution and provider, anywhere in the world.
EyeVerify, one of the three companies chosen in August 2014 to participate in the Wells Fargo Startup Accelerator, stands as a success story. The company uses its Eyeprint ID to capture an image of the veins and micro features in and around the eye to verify a user’s identity.
Now, Wells Fargo is launching a biometric authentication technology provided by EyeVerify for its corporate customers.
The Wells Fargo Startup Accelerator has received applications from more than 80 innovative companies in over 40 countries since it was founded in 2014. It is currently accepting applications worldwide for its fall 2016 classes.