Wednesday, May 19, 2010

Wells Fargo provides financing for high-tech, startup companies Nexxo Financial and Enovix

PALO ALTO (AP) - Wells Fargo & Co. said Tuesday it has provided financing for two Silicon Valley high-tech startups.


The bank provided a line of credit to Nexxo Financial to fund its working capital needs. Nexxo provides self-serve kiosks that allow customers to send money to Latin America and Mexico. The kiosks are located in Hispanic grocers and convenience stores in California, Texas and several other states.


"Because Nexxo offers its customers the ability to send money instantly, our working capital needs can be higher on weekends and holidays than other days of the week," said Nexxo Financial CFO Nick Colburn. "The Wells Fargo team tailored a line of credit product for us that matched this need, helping us to cost-effectively smooth out our cash position."


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