Wells Fargo is latest to join Carolina Fintech Hub

Wells Fargo has become the 12th firm to join the Carolina Fintech Hub.

The global banking and financial service provider Wells Fargo will join the Bank of America, Ally, BB&T and Ernst & Young on the board of directors.

Through the Hub, the firms hope to support technology, customer experience and innovation in to new opportunities in Carolina.

The Hub was formed last year with the aim to support Carolina FinTech talent, innovation and collaboration between startups and incumbents. Carolina FinTech Hub hopes to not only support investments but improve Fintech growth.

Carolina Fintech Hub will increase its pipeline of new market talent, supporting deal making and growth, as well as expanding its regional efforts and focus in areas like payments and InsurTech.

Wells Fargo head of Advanced Technology & Partnerships Vas Kodali said, ?We have been an active participant in the dialogue over the last three years that ultimately shaped what the Carolina Fintech Hub has evolved to today.

?Taking our involvement to the next level by formally joining the board of directors is a natural evolution. Working with promising entrepreneurs and startups through the hub is an important way for us to support the local FinTech community while also nurture innovation inside and outside of the company.p>

Earlier this year, Wells Fargo took part in the $38m funding round in to financial data and analytics company Visible Alpha. The round, which was led by Goldman Sachs, will enable the company to further its product development efforts and global expansion.

Last year, the North American FinTech sector saw nearly $4bn more capital invested in to the space than 2016. There was $16.8bn invested last year, while 2016 saw $12.9bn deployed; however, there were 274 less transactions completed in 2017.

Copyright ? 2018 FinTech Global

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