Which OTC startup using DLT and Semantic Blockchain got an investment from Wells Fargo?
The short answer is OpenRisk, their acceptance into the Wells Fargo Accelerator provides up to $1m as an investment according to the Wells Fargo website. Full story below.
Wells Fargo & Company (NYSE:WFC) announced today that OpenRisk Technologies Inc. has joined the Wells Fargo Startup Accelerator, bringing the total number of companies in the portfolio to 21.
“Helping to advance innovative fintech startups plays an important role in our efforts to deliver the financial experiences of tomorrow that customers demand,” said Lisa Frazier, head of the Innovation Group at Wells Fargo. “We welcome OpenRisk to the Wells Fargo Startup Accelerator program and applaud the passion, agility and focus they bring to create innovative solutions and unique customer experiences. Innovation is critical within financial services, and we’re excited to invest in and collaborate with these companies, and all our accelerator companies, to reimagine financial services.”
The Wells Fargo Startup Accelerator program began in 2014 to advance 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 the launch of their ideas.
The virtual, six-month, non-exclusive program has received nearly 2,400 applications from innovative companies in 91 countries since the program’s inception. Applications can be submitted throughout the year at www.wellsfargo.com/accelerator.
Latest Wells Fargo Startup Accelerator companies
OpenRisk Technologies Inc. has built a derivatives collateral and liquidity management platform that leverages semantic web, artificial intelligence and blockchain technologies to analyze data, facilitate post-trade operations and manage risks.
“OpenRisk is excited to be part of the Wells Fargo Startup Accelerator and to work with business and tech leaders through the program to validate key components of our platform,” said Narasimha Kodihalli, founder and CEO of OpenRisk Technologies Inc. “We see great potential to grow our solution and build on our foundation of smart people, smart approach and smart technology.”
To further support promising startups and encourage more women in the field of technology, Wells Fargo is the presenting sponsor of the Quesnay Female Founders in Fintech competition. The winner will be announced in March. In addition, the Wells Fargo Startup Accelerator sponsors MassChallenge FinTech, which pairs startups with industry leaders to work toward solving major challenges and shape the future of financial services.