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Wells Fargo Backs Young Companies, Advancing Mobile Banking

Wells Fargo on Wednesday announced the launch of its first accelerator program, which will provide funding and mentorship to young companies aiming to pioneer new financial services technology. The bank will guide three startups in its inaugural class, offering them mentorship in an attempt to prepare them to one day serve as vendors. Each company receives between $50,000 and $500,000 for participating in the program, but unlike other existing accelerator programs, Wells Fargo’s program allows startups to remain non-exclusive. Wells Fargo Vice Presidents Braden More, Bipin Sahni and Steve Ellis sat down with TechCrunch earlier this week to discuss the new program, which they said is focused more on innovation and growing the startups than a return on their investment.

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