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Finextra: Wells Fargo adds Theta Lake to fintech portfolio

By June 30, 2021September 28th, 2021No Comments
Wells Fargo bank branch

Wells Fargo has bagged a stake in Theta Lake, a provider of compliance and security for modern chat, video and voice collaboration tools.

Theta Lake is occupying a sweet spot in the hybrid working trend that is sweeping across Wall Street, with more employees splitting their time between the workplace and home office and using modern collaboration tools to chat with colleagues and clients. The firm has partner integrations with over 40 vendors – including the likes of Cisco Webex, Microsoft Teams, RingCentral, Slack, and Zoom – giving compliance teams archive access to video, voice, chat, and document content in what is shared, shown, spoken, and typed during collaboration sessions.

Theta Lake now joins with 28 other portfolio companies in the Wells Fargo Startup Accelerator, which focuses on advancing emerging technologies in pursuit of breakthroughs for financial services. Startups are eligible to receive up to $1 million in funding, along with guidance from Wells Fargo business and technology leaders to help refine and scale their business.

“Having a game changing compliance disruptor like Theta Lake join the Wells Fargo Startup Accelerator gives them access to the expertise and scale of Wells Fargo to drive effective innovation to businesses,” says John Bradford, global head of enterprise collaboration, Wells Fargo. “Modern chat, video, and voice collaboration tools have become primary communication and information sharing vehicles for organisations like Wells Fargo. Theta Lake will allow us to further expand our ability to introduce additional innovation around compliance and security for the next generation collaboration toolsets as this is something we have done and continue to do.”

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This article first appeared on Finextra on June 30th 2021.
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