Western Union and Techstars to Drive Payments Innovation

30 early-stage international startups will be mentored by corporate
leaders to uncover creative payments solutions that can be nimbly
executed in a Fortune 500 environment

DENVER–(BUSINESS WIRE)–The Western Union Company (NYSE: WU), a leader in cross-border,
cross-currency money movement, and Techstars, a worldwide network that
helps entrepreneurs succeed, have come together to spur the next
generation of disruption in the fintech sector with a focus on payments
and seamless global money transfer. Over the next three years, Western
Union will work with Techstars to run a mentorship-driven accelerator
program and provide seed funding for startups out of its new
Denver-based headquarters. Each year, 10 startups will form a class that
takes part in Techstars proven accelerator program including interacting
with and receiving mentoring from Western Union executives.


“Through the accelerator program, we will mentor startups to test their
ideas, focus their concepts, and help them bring-to-market innovative
customer solutions to the ever-changing financial industry,” said Hikmet
Ersek, President & CEO at Western Union. “By joining forces with
Techstars, we will have access to entrepreneurial talent to help us
identify cutting-edge technologies and approaches to solve customer pain
points.”

According to PwC,
the biggest engines of innovation are small tech startups, with over
$58.6 billion in funding going to more than 4,500 startups in 2016.
Building on this momentum, Western Union’s accelerator will explore many
of the industry’s new and long-standing challenges with the unique value
of leveraging both the start-up industry’s leading minds complemented
with the corporate experience of Western Union’s executives.

“We are excited to work with a global company like Western Union so we
can foster the right connections for a multitude of startups and help
them gain access to the mentorship and resources they need to succeed,”
said David Brown, founder and Co-CEO of Techstars. “Colorado is already
one of the leading technology centers in the world, led by companies
like Western Union. Working together will drive innovation and help
change the fortunes of young innovators locally and globally by bringing
their ideas to life for people around the world.”

With its headquarters in Boulder, Colo., Techstars has invested in more
than 1,400 early-stage startup companies that now have a market cap of
more than $15.9 billion. In addition, Techstars produced the first
startup from a tech accelerator to go public: SendGrid.

Western Union and Techstars encourage all fintech, payments and related
field startups addressing digital customer experience, point-of-sale
solutions, fraud prevention, global identification, cross-border
transaction processing, digital wallets, and related technologies to
apply to the accelerator program, when applications open on December 3,
2018. The program begins in June 2019.

Please visit www.techstars.com/programs/western-union-program
for more information about this program and to apply.

About Western Union

The Western Union Company (NYSE: WU) is a global leader in cross-border,
cross-currency money movement. Our omnichannel platform connects the
digital and physical worlds and makes it possible for consumers and
businesses to send and receive money and make payments with speed, ease,
and reliability. As of June 30, 2018, our network included over 550,000
retail agent locations offering Western Union, Vigo or Orlandi Valuta
branded services in more than 200 countries and territories, with the
capability to send money to billions of accounts. Additionally,
westernunion.com, our fastest growing channel in 2017, is available in
45 countries and territories to move money around the world. In 2017, we
moved over $300 billion in principal in nearly 130 currencies and
processed 32 transactions every second across all our services. With our
global reach, Western Union moves money for better, connecting family,
friends and businesses to enable financial inclusion and support
economic growth. For more information, visit www.westernunion.com.

About Techstars

Techstars is the worldwide network that helps entrepreneurs succeed.
Techstars founders connect with other entrepreneurs, experts, mentors,
alumni, investors, community leaders, and corporations to grow their
companies. Techstars operates three divisions: Techstars Startup
Programs, Techstars Mentorship-Driven Accelerator Programs, and
Techstars Corporate Innovation Partnerships. Techstars accelerator
portfolio includes more than 1,400 companies with a market cap of $15.9
Billion. www.techstars.com

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Contacts

Western Union Media Contact
Jennifer Pakradooni, +1
720-332-0516
jennifer.pakradooni@wu.com
or
Techstars
Media Contact

Joanie Kindblade, +1 303-562-6230
Joanie.kindblade@techstars.com

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