Wells Fargo, the US’ fourth largest bank by assets, has announced that it would invest up to $500,000 in three start-up companies who were selected for its fall class 2015 in the Wells Fargo start-up accelerator.

The three winners, all from San Francisco, include Gridspace, a voice analytics engine, Roostify, specialising in real estate transaction technology, and Splice Machine, a next generation real time database.

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The accelerator, in its second year, aims to explore innovative ideas in technologies in the fintech areas. Steve Ellis, head of Wells Fargo’s Innovation Group, believes these start-ups are key to the financial needs of the future: "Our startup accelerator expands our vision of the future of financial services beyond the boundaries of Wells Fargo."

The news comes after a report published by Infosys Finacle and Efma, revealed that 69% of banks believe that start-ups will have a high impact on innovation and can be of major assistance in developing more innovative solutions.

So far the accelerator programme has received applications from companies in 23 countries. The participants are paired with a Wells Fargo business leader who guides them through the necessary diligence required before the emerging technology results in a purchase order with the company. "Our business and technology leaders work closely with accelerator members to test concepts" said Ellis, "and guides them through the process of bringing their ideas to market."

The deadline for applications for its next programme in spring 2016 is 16 December.

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