Wells Fargo Acquires Stake in Compliance and Security Solutions Fintech Theta Lake

Wells Fargo (NYSE: WFC) has reportedly acquired a stake in Theta Lake, a longtime supplier of compliance and safety options for chat, video, and voice collaboration instruments.
Theta Lake goals to assist the hybrid working developments which are turning into fairly widespread, particularly after the COVID outbreak. Many extra workers have been splitting their time between working from the workplace and from the consolation of their houses.
These professionals want fashionable collaboration instruments to allow them to successfully talk with colleagues and their enterprise purchasers. Theta Lake has associate integrations with greater than 40 distributors. They embrace Cisco Webex, Microsoft Teams, RingCentral, Slack, and Zoom – enabling compliance groups to realize archive entry to video, voice, chat, and paperwork (shared throughout collaborative on-line classes).
Theta Lake has now joined with 28 different portfolio companies which are a part of the Wells Fargo Startup Accelerator, which primarily focuses on supporting rising applied sciences that may improve monetary providers.
Startups could qualify to get as a lot as $1 million in capital, together with steerage from Wells Fargo enterprise and tech professionals. This ought to assist firm house owners with refining and scaling their enterprise operations.
John Bradford, Global Head of Enterprise Collaboration at Wells Fargo, said:
“Having a sport altering compliance disruptor like Theta Lake be part of the Wells Fargo Startup Accelerator provides them entry to the experience and scale of Wells Fargo to drive efficient innovation to companies. Modern chat, video, and voice collaboration instruments have grow to be major communication and info sharing autos for organisations like Wells Fargo. Theta Lake will permit us to additional develop our skill to introduce extra innovation round compliance and safety for the subsequent technology collaboration toolsets as that is one thing we now have executed and proceed to do.”
As coated in January 2019, Theta Lake, a U.S.-based compliance synthetic intelligence (AI) for video, voice, and unified digital communication agency, secured $5 million via its seed funding spherical, which was led by Neotribe Ventures. Founded in 2017, Theta Lake supplies a purpose-built product suite for automated coverage detection of regulatory dangers, compliance workflow, and retention for video advertising and marketing, video calls, and audio calls.

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