Ascent RegTech, a compliance automation platform, has joined the Wells Fargo Startup Accelerator, alongside Motiv, a connected wearable device developer.
The accelerator program launched in 2014 and has 23 companies in its current portfolio. Startups accepted to the group are eligible to receive funding of up to $1m, along with guidance from Wells Fargo business and technology leaders to help refine and launch their solutions.
Since its launch, the virtual six-month program has received around 2,500 applications from 91 countries, the bank claims.
Ascent is an end-to-end compliance platform which uses uses natural language processing and artificial intelligence to convert regulatory text into workable tasks. Data is collected from a selection of channels and includes historical and real-time documents/rules directly from regulators, personalised for each business.
Earlier this month, Ascent released a new change management solution which helps companies keep up-to-date with regulatory changes. The Ascent Change Management product will help players in financial services and other industries to improve their horizon scanning and change management processes, and in turn streamline compliance tasks.
San Francisco-based Motiv designs wearable technology which can be connected to various aspects to their life such as their health. Its initial product is a ring which monitors the wearers health and fitness but can also be used to store their online identity.
Ascent RegTech CEO Brian Clark said, “We are honoured to be a part of the Wells Fargo Startup Accelerator and are excited to leverage the expertise of this global institution that is a market leader in innovative technology.
“As an industry, we can accomplish so much more when large firms and startups work together, and we look forward to exploring ways we can bring innovative regtech solutions to market on a larger scale.”