Fintech startup Jewel Paymentech lands undisclosed Wells Fargo funding
By Benjamin Cher June 8, 2016
- Singaporean startup selected as participant in US bank’s accelerator programme
- Funds will be used on customer acquisition and new solutions, to expand team
SINGAPORE-based Jewel Paymentech said Wells Fargo will be investing an undisclosed amount into the financial technology (fintech) startup, after it had been selected as a participant in the US banking giant’s accelerator programme.
It said it was the first Singapore startup to participate in the Wells Fargo Accelerator, a six-month programme which focuses on areas such as analytics, mobility, cybersecurity, payments, lending, user-interaction design, artificial intelligence, virtual reality, digital marketing, and operations.
Wells Fargo usually invests up to US$500,000 into startups admitted into its accelerator. In January, Jewel Paymentech landed US$1 million in Series A funding in a round led by Tuas Capital Partners.
“We are excited that our technology has been recognised by Wells Fargo, and we have been given the opportunity to work with one of the world’s largest banks,” Jewel Paymentech cofounder and chief executive officer Sean Lam said in an official statement.
“It [Wells Fargo] supports the Jewel Paymentech value proposition to the financial services industry and its interest in new technology to mitigate fraud, credit and money-laundering risks amplified by rapidly growing e-commerce merchant portfolios,” he added.
Wells Fargo is interested in the startup’s risk technology, according to a statement by Steve Ellis, head of Wells Fargo Innovation Group.
“Jewel Paymentech’s risk technology and focus on onboarding procedures, and speed and scalability in a bank’s merchant acquisition efforts, make it particularly interesting for us to explore,” he said.
The startup will use the Wells Fargo funds to continue its customer acquisition strategy, according to Jewel Paymentech cofounder and chief operating officer Lee Wooi Siang.
The money will also be used to “expand our technology team and develop new solutions in the space of fraud and risk management,” he told Digital News Asia (DNA) via email.
The company also hopes to gain experience from the accelerator programme to refine its products for the US market, according to Lee.
“The programme will serve as a springboard for us to collaborate with the business units in Wells Fargo, and to understand the needs and dynamics of the US market,” he said.
“It will allow us to collaborate with various business units in Wells Fargo to explore ways to address various merchant risk issues faced by the [financial] industry.
“We believe the experience gained from working with Wells Fargo’s business and technology leaders will help to refine our products to meet the needs of the US market, it being one of the more mature markets for e-commerce.
“There may be opportunities for us to expand our customer base to other banks or payment facilitators in the United States, including Wells Fargo,” he added.
But while it is not ruling out opportunities in the United States, Jewel Paymentech’s immediate focus still remains South-East Asia, according to Lee.
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