Wells Fargo invests in Alpha Payments Cloud
Alpha Payments Cloud will be working with Wells Fargo for six months
Alpha Payments Cloud, a provider of the AlphaHub Payments-as-a-Service platform, has received investment from Wells Fargo.
Through its Startup Accelerator programme, for the next six months Wells Fargo will collaborate with Alpha Payments Cloud on its global payments network technologies for merchants.
The company says its valuation now stands at $100 million.
Wells Fargo’s Startup Accelerator is a non-exclusive, six-month, semi-annual programme for early-stage companies. The bank says it helps it “explore big ideas with innovators outside its walls and industry, and shape future customer experience”.
Oliver Rajic, CEO of Alpha Payments Cloud, says the company’s aim is “to make an increasingly complex payments ecosystem simpler”. It offers access to payment, risk and commerce solutions to international banks and merchants.
“We provide the connections to all solution vendors, merchants and banks by acting as a middle layer where everyone has access to each other,” Rajic explains. ‘This guarantees users more functionality and creative freedom than the old way ever could.”
The company was set up in Singapore in 2011.
Steve Ellis, head of Wells Fargo’s Innovation Group, comments that Alpha Payments Cloud “represents precisely the technology innovation in international payments we want to explore for our merchant customers”.
