Singapore based Payment firms, Jewel Paymentech and Alpha Payments Cloud become Asia’s first startups to participate in spring 2016 class of Wells Fargo Startup Accelerator program, a non-exclusive semi annual boot camp for innovators who seek to shape the future of financial services. The program focuses on creating solutions for financial institutions and enterprise customers and will witness investments up to $500,000.
Wells Fargo is an American international banking and financial services holding company with assets worth $1.8 trillion. Its Accelerator program aims to explore ideas with startups that provide technologies in fintech areas, such as analytics, big data, credit, deposits, marketing, mobile, payments, security, robotics, wealth management, and wearables, among others. Since its commencement in 2014, it has received applications from more than 800 innovative companies in over 40 countries.
Founded in 2014, Jewel Paymentech is a financial risk technology company with a mission to develop intelligent risk solutions for the banking and electronic payments industry. Jewel also offers automated real-time solutions to large traders, such as online marketplaces, to identify illegal and counterfeit goods.
We are excited that Wells Fargo has recognized our technology. It affirms our vision in delivering intelligent merchant risk solutions, especially amidst the challenges of a changing payments landscape.
said Sean Lam, CEO of Jewel Paymentech.
Alpha Payments Cloud consolidates the broad payments spectrum onto one Payments-as-a-Service platform, the AlphaHub, that enables Banks, Merchants, PSPs and ISOs to access any payment type, any solution provider, anywhere in the World. The depth and range of connected service providers and solutions span across the entire transactional, risk management and commerce solution spectrum. Oliver Rajic, CEO of the startup said,
Working with Wells Fargo allows us to learn from one of the world’s most significant and experienced banks and managed service providers (MSPs) and draw upon its deep knowledge pool to continue to evolve our solution and stay ahead of the game.
Wells Fargo pairs each Accelerator participant with a mentor who is also a potential customer for the startup. The six-month accelerator program, lets the mentoring executive provide education, guidance and help them work through the due diligence that’s required before an emerging technology results in a purchase order with the company.
Steve Ellis, Head of Wells Fargo’s Innovation Group, commented,
We’re excited to invest in Alpha Payments Cloud and Jewel Paymentech through our Startup Accelerator. Their solutions are particularly interesting for merchants in terms of facilitating international payments and minimizing transaction fraud risk.
