Wells Fargo Innovation Challenge 2022


Wells Fargo invites you to design the future

The application window is now closed. Updates on the 2022 Innovation Challenge coming soon.

Create a Multi-X Future

Financial experiences are primarily designed for solo play in contained spaces, but our world is expanding and we're becoming further connected along our financial journeys.

Your challenge is to design a more approachable, interconnected financial world—one made for multi-players.

Challenge prizes

Eight (8) cash prizes are available to be won in the Innovation Challenge:

  • (7) $50,000 Finalist Prizes
  • (1) $250,000 Grand Prize

This is a judged contest. No entry fee or purchase is required to enter or win.

Opportunity areas


Imagine a future where proactive services could provide relevant and compassionate care for your customers and everyone in their network.


Let's reframe what work looks like to support a new workforce.


As lines between the physical world and the metaverse continue to blur, we can shift where and how we connect to reach customers wherever they are.


How might we lean into emerging assets to revolutionize the way people think about their money?


Leveraging new technologies like AI and blockchain we can play a critical role in removing friction around buying and selling while offering richer, more seamless experiences.


As financial technologies and currencies evolve, we have an opportunity to create new capital markets.

About the Challenge

What is Wells Fargo's Innovation Challenge?

The inaugural Innovation Challenge will connect Wells Fargo with U.S. based startups, accelerators, and venture capitalists to create forward-looking financial solutions.

Through this Challenge, we aim to make banking easier and safer for both our customers and the financial services industry at large.

What is the Multi-X Future?

Multi-X refers to the expanding and interconnected way that consumers participate in banking activities.

Does the Innovation Challenge offer a prize?

The winning company will be awarded a cash prize of $250,000.

Up to seven finalist companies will each receive $50,000.

Can you provide some specific examples for Multi-X opportunity areas?

Some general examples for each of the Multi-X opportunity areas are:

Care: Holistic care that spans generations and networks.

  • Sharing and building wealth with family, friends, and community
  • Predictive planning and crisis management
  • Proactive support for identity theft and fraud

Workforce: A fresh approach to work.

  • Customized platforms for the sharing economy
  • Apps for the creator economy
  • Resilient hybrid work experiences

Channels: A world without walls or limits with seamless integration.

  • Seamless experiences across retail and virtual
  • Avatars that understand you and meet your financial needs
  • Immersive, digitally integrated spaces

Assets: New currency frontiers.

  • How to invest in new emerging assets
  • Personal digital wallet that contains your diverse assets
  • How to use and leverage emerging currencies (NFTs, Crypto currency, etc.)

Commerce: A one-stop shop across all dimensions.

  • Embedded finance
  • Peer-to-peer financial services
  • Targeted seamless experiences

Markets: Financial landscapes outside the norm.

  • New emerging marketplaces
  • New capital markets (emerging foreign exchanges, financial sponsorship around IPOs, etc.)
  • Decentralized finance

What's the Challenge timeline?

  • Application period starts: April 7, 2022 (12:01am PT)
  • Application period ends: May 13, 2022 (11:59pm PT)
  • Semi-finalists notified: Week of May 30, 2022
  • Virtual Pitch to Judges: Week of June 13, 2022
  • Finalists notified: Week of June 20, 2022
  • Finalists pitches of proofs of concept (POCs): Completed by October 27, 2022
  • Top 3 scoring companies notified: By October 28, 2022
  • Innovation Summit: November 8 - 10, 2022

Where will the Challenge take place?

Finalists will work with Wells Fargo subject matter experts virtually throughout the Challenge and development of their POCs.

The top three POC solutions will be presented at the Wells Fargo Innovation Summit in November 2022 and the grand prize winner announced.

How can I learn more about Wells Fargo’s business areas?

Visit www.wellsfargo.com to learn more about Wells Fargo.

Application process

How do I apply?

The application window is now closed. Check back later for updates and future opportunities.

How will I be notified about next steps?

Within 30 days of the application deadline, we’ll respond via email to all applicants.

How does the selection process work?

We review every application based on the following criteria:

  1. Corporate Identity: Is the solution aligned with Wells Fargo’s strategic direction?
  2. Innovative Priorities: Does the solution align with the Multi-X Future theme(s) or identified market/customer behaviors?
  3. Feasibility: Is there time to conduct a pilot and the ability to implement and scale?
  4. Viability: Can the solution grow with a sustainable business model and provide a compelling value proposition?
  5. Desirability: Do a sufficient number of customers want the solution?
  6. Security & Reliability: Will customers and enterprises trust that the underlying data systems are secure and reliable?

If selected, participants will work with Wells Fargo strategy leaders to develop identified Proofs of Concept (POCs).

Finalists will be announced the week of June 20. The top three solutions will be presented live in at Wells Fargo’s Innovation Summit in Menlo Park, CA November 8-10, 2022.

Who do I contact if I have further questions?

If you have additional questions, you can send an email to: innovationchallenge@wellsfargo.com

Official rules

Where can I find the Official Rules for the Innovation Challenge?

Official Innovation Challenge rules can be found here. Innovation Challenge Official Rules (PDF)

How will my intellectual property (IP) be handled?

For information on how Wells Fargo will handle IP, please see the Innovation Challenge Official Rules, section 11. Innovation Challenge Official Rules (PDF)