Wells Fargo Expands Technology Banking Division
Wells Fargo announced it is expanding its Silicon Valley-based Technology Banking Division. After opening new offices in Boston and Seattle in 2013, the division is planning to expand to New York this year.
“The rapidly expanding technology sector and the wealth around it are driving the country’s economic growth,” said Eric Houser, a 16-year Wells Fargo Commercial Banking veteran based in Silicon Valley who has been named head of the company’s Technology Banking Division, which was established in 1999. “Wells Fargo’s focus is to serve clients from start-up to large corporation.”
For example, Wells Fargo was an early-stage banking partner and maintains a relationship today with Tesla Motors, the Palo Alto, CA designer and manufacturer of premium electric vehicles founded by Elon Musk. Another growing startup that Wells Fargo has supported since the company’s founding is BrightSource Energy, which is building the largest solar plant in the world in California’s Mojave Desert.
Also among Wells Fargo Technology Banking Division’s rapidly growing customers is PitchBook, an independent research firm for the private equity and venture capital sectors. Founded in 2007 by John Gabbert and headquartered in Seattle, the company now employs 175, opened a New York office, and has quickly become one of the leading information resources for the venture capital and private equity industries, including Wells Fargo as a customer.
“The Technology Banking Division has been a perfect partner for us as we’ve rapidly grown our company and our base of clients around the globe,” said Gabbert. “At PitchBook, we are passionate about innovation, technology, reliability and client service, so it is great to work with Wells Fargo who shares these same core values. They know our industry, they know our business, and they consistently exceed our expectations.”
Propelled by growing demand nationwide from a wide range of U.S. technology companies, Wells Fargo Technology Banking Division is divided into four Specialty Groups:
Technology serves companies from inception through commercialization, global expansion, and liquidity. There are subgroups for Start-up Services, Venture Banking, and Middle Market. Key sectors: software, hardware/networking, semiconductor, internet/digital, media/advertising, and payments.
CleanTech serves businesses that manufacture, market or develop clean technology products and services.
Life Sciences serve pharmaceutical, medical device, healthcare information technology, biotech, and diagnostic industries through all stages of growth: from research and development to product launch, commercialization and global expansion.
Venture Fund Services provides financial solutions for venture capital and private equity funds focused on technology industries.
The Technology Banking Division first focused on Northern California and began expansion into other U.S. markets in 2006. Today, nine Technology Banking Division offices nationwide support those Specialty Groups in five U.S. regions: Northern California/Silicon Valley, Southern California, Southwest, Northwest, and East. California locations include San Francisco, San Jose, Palo Alto, Los Angeles, Orange County, and San Diego. A division office is also located in Austin, Texas, and most recently in Boston and Seattle.
All Technology Banking Division offices provide loan, treasury management, deposit, international financial services, and investment banking, among other services, to a broad range of technology companies.