RegTech100 company Theta Lake has joined Wells Fargo Startup Accelerator to help its innovation and growth efforts.
The accelerator’s cohort is comprised of companies building solutions across customer experience, payments, marketing, risk and regulation, climate change, and security. There are 28 companies in the accelerator, which has marked its sixth year running.
Companies in the programme are eligible to receive up to $1m in funding, alongside guidance from Wells Fargo business and technology leaders to help refine and scale the company.
Theta Lake CEO and co-founder Devin Redmond said, “We’re excited to work with the Wells Fargo Startup Accelerator team to more broadly bring our innovative security and compliance solution to the market.
“As a forward-thinking financial institution, Wells Fargo recognizes the increasingly important need to reimagine how regulated firms think about compliance when using modern collaboration platforms and that purpose-built technology will allow Theta Lake customers to proactively close that gap.”
Theta Lake offers companies with a suite of compliance and security solutions for modern collaboration platforms. Its AI-powered technology ensures companies can ensure they are capturing and archiving what was said, shown, shared and typed through communication methods.
The RegTech100 company has over 40 collaboration tool integrations and has customers in the US, UK, Canada and Australia. Theta Lake launched in the UK earlier this year, with the launch of a dedicated local entity to support growth.
Since the launch of the accelerator, there have been over 3,500 applications from companies in 100 countries.
Wells Fargo global head of enterprise collaboration John Bradford said, “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.
“Modern chat, video, and voice collaboration tools have become primary communication and information sharing vehicles for organizations 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. We look forward to collaborating with Theta Lake and we welcome them to the Wells Fargo Startup Accelerator.”
Earlier in the year, Theta Lake received a compliance recording certification from Microsoft Teams. The accolade means it has extended its position in the market to become co-sell ready status through the Microsoft One Commercial Partner program.