Wells Fargo partners with Setpoint

According to Wells Fargo’s officials, the bank intends to further support Setpoint in solidifying its position within the technology and fintech ecosystems. Considering that Setpoint has a fintech solution developed around technology and data security and controls, Wells Fargo intends to help the company simplify warehouse funding to assist borrowers receive access to the capital they require. With its tech-enabled service execution for asset-backed lending deals, Setpoint aims to expand funding efficiency while minimising transaction risk. The company’s capital and technology platform, Asset OS and Capital OS, enables auto, consumer, small and medium-sized business (SMB), real estate, and other asset-backed borrowers to increase profitability.

In its role as a Third-Party Calculation Agent, Setpoint is set to approve and certify borrowing requests, monthly payments, and investor reporting. Additionally, as a Third-Party Paying Agent, the company aims to facilitate client payments via its technology platform by issuing payment instructions, as authorised by Setpoint’s clients, to account banks where funds are held or are to be transferred. However, Setpoint does not take possession of, manage or control client funds. Representatives from Setpoint underlined that their company’s commitments align with Wells Fargo’s, including accuracy, security, speed, and operational efficiency. By working together, the two companies aim to leverage technology to reduce the time and costs associated with their shared loan originators.

As a component of Wells Fargo Commercial Banking, the bank’s specialised Technology Banking Group provides a complete range of capital, advisory, risk management, and operating solutions customised to expand through all stages of a company’s life cycle. Currently, Wells Fargo supports a growing portfolio of clients in the fintech, software, hardware, internet and digital, and sustainable technology sectors across the US. In addition to its collaboration with Setpoint, Wells Fargo announced several developments in recent months, aimed at advancing its growth strategy and expanding its footprint.

At the beginning of October 2023, Wells Fargo increased  access to a financial planning tool for its nearly 70 million customers. Initially, the feature was only available to wealth clients, however, as of the announcement, it was made accessible for all of the bank’s customers. With the Life Sync tool, mobile users were enabled to set and track financial objectives, check their credit scores, and connect with financial advisers. Additionally, it allowed customers to invest and move money between accounts via their mobile app.