Singapore (8 June 2016) – Jewel Paymentech, provider of risk intelligence solutions to merchant acquirers, today announced that it has been selected for the Wells Fargo Startup Accelerator program through a highly competitive global selection process. Wells Fargo is also investing in the company as part of the program. During the six-month, hands-on Startup Accelerator program, Wells Fargo mentors will provide guidance to Jewel Paymentech, including ways to solve merchant acquisition and risk issues. “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. It 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.” said Sean Lam, co-founder and CEO, Jewel Paymentech.
The Wells Fargo Startup Accelerator is designed to explore innovation and big ideas in areas such as analytics, mobile, cybersecurity, payments, lending, user-interaction design, artificial intelligence, virtual reality, digital marketing, and operations – with innovators outside Wells Fargo and financial services for the future benefit of the bank’s customers.
“We’re excited to be investing in Jewel Paymentech through our Startup Accelerator and have it be part our investment portfolio,” said Steve Ellis, head of Wells Fargo’s 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.”
Jewel Paymentech’s solutions can be extended to online marketplaces, payment facilitators and closed-loop payment systems. Wells Fargo’s investment adds to Jewel Paymentech’s Series A funding round led by Tuas Capital Partners Pte. Ltd.
About Jewel Paymentech
Jewel Paymentech is a financial risk technology company founded in 2014 with a mission to develop intelligent risk solutions for the banking and electronic payments industry. Jewel’s suite of intelligent solutions helps banks and payment facilitators conduct merchant due diligence and manage transaction fraud risks using predictive analytics. Jewel also offers automated real-time solutions to large merchants such as online marketplaces, to identify illegal and counterfeit goods. In 2015, Jewel was named by SWIFT, as one of the most promising FinTech companies in Asia.