New fintech education center, startup incubator and student entrepreneur venture fund launched at the University of Utah

65 million dollars transformational investments orchestrated by the Stena Foundation will strengthen the state’s international reputation as a hub for financial technology innovation

SALT LAKE CITY, 30 January 2023 /PRNewswire/ — University of Utah President Taylor Randall today announced a new donor initiative intended to supercharge the student entrepreneurial experience and Utah’s reputation for financial technology innovation and education.

The university, in collaboration with Stenastiftelsen and entrepreneurs Steve and Jana Smith, will establish the Stena center for financial technology. The foundation has orchestrated total funds of up to 65 million dollars over the next 10 years to support the center, including industry-sponsored labs, a startup incubator, venture funds and fintech-focused degrees and certificates. Reinvestments from the venture funds are expected to ultimately fund the center in perpetuity.

Randall says pairing education with fintech is like putting chocolate with peanut butter – magic.

“Stena’s Center for Financial Technology provides the opportunity to accelerate and incubate key advances in financial technology innovation and businesses that will continue to drive the fintech industry forward and cement Utah as a center of excellence,” said Randall. “This world-class center will leverage our outstanding research and education with resources that provide critical hands-on experiences for students.”

The center will collaborate significantly with academic units on campus to develop programs and degrees, including the David Eccles School of Business, the John and Marcia Price College of Engineering, and the SJ Quinney College law, as well as the office of the President. As part of the new financial technology center program, the university recently began offering a minor emphasis in fintech. Over the next four years, U will also start offering bachelor’s and master’s degrees in fintech.

Randall continued, “We provide exceptional foundations in education, humanities, science, social and health sciences. The chance to put your ideas and knowledge to work in the real world is the next step.”

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Center initiatives will be launched with an incubator – fintechXstudio – and venture capital funds will be made available to qualified student entrepreneurs working in fintech. With six research-focused laboratories, industry-sponsored projects, an innovation hub and student-focused investment funds, the center aims to unite education and industry to accelerate financial innovation and inclusion in Utah and beyond. The center will be led by a general manager Ryan Christiansen.

“The Stena Foundation is happy to collaborate with University of Utah and other leading financial technology organizations in the establishment of the Stena Center for Financial Technology,” said Steve Smith, chairman of the Stenastiftelsen. “This progressive center, in line with its strategic partners, will build on the success of the fintech community in Utah and will become an important hub for ongoing financial technology innovation and real economic impact.”

Smith is the former chairman, CEO and co-founder of Finicity, and a founding member and current co-chair of the Financial Data Exchange (FDX). He and his wife Jana founded Salt Lake City-based Stena Foundation as a way to strengthen economic prosperity through the basic building blocks for increased financial inclusion and access to quality education.

FintechXstudio will start with an annual cohort of 10 student entrepreneurs and companies working on financial technology innovation. Students will have access to expert faculty, office space, industry mentors, technology solution partners, curated courses, prototyping tools and technology, venture capital, and the university’s global education programs. Each year, the venture fund will invest a total of at least 1 million dollars in 10 or more student-led fintech companies. A large part of the operating income from these investments will be reinvested in the centre.

“The Stena center will interfere Utah’s broad fintech experience with U students’ energy and creativity,” said Ryan Christiansen, CEO. “This unique partnership will connect fintech leaders’ workforce skills and experience with students’ passion and ideas – accelerating innovation into space Utah at the forefront of global fintech excellence.”

Finally, the center will organize an annual symposium – fintechXchange at University of Utah. The first symposium gathers at 30–31 January 2023. Speakers will include:

• Utah Govt. Spencer Cox

• President Taylor Randall

• Finicity founder Steve Smith

• Salt Lake City Mayor Erin Mendenhall

• Jack Henry CTO Ben Metz

• Galileo CEO Derek White

• Tomo Credit CEO Kristy Kim

Speakers and sessions will focus on:

• The future of banking – how fintech affects and changes the banking sector

• Regulatory overview – a far-reaching view of the various existing and developing regulations affecting the fintech sector

• Financial inclusion – what the fintech industry is doing to extend financial services to the under and unserved

• University research – presents ground-breaking research on fintech

The Stena Center builds on existing entrepreneurial experiences already active on campus – including the 20-year-old Lassonde Entrepreneur Institute, the Sorensen Impact Center, the Doman Innovation Studio and the Kahlert Initiative on Technology.

For more information about the Stena Center, visit stena.utah.edu.

About Ryan Christiansen

Ryan is the CEO of University of Utah Center for Financial Technology. In this role, Christiansen leads and coordinates the laboratories, the incubator and the academic focus of the Centre.

Christiansen previously served as senior vice president of partnerships for data access at Mastercard. In this role, Christiansen led the acquisition and handling of consumer authorization of financial data. A passionate advocate for fintech, Christiansen also represented Mastercard in its industry efforts, which included an instrumental role in the foundation of Financial Data Exchange (“FDX”). Previous experience also includes serving as senior vice president of private banking at Zions Bank where he managed one of the bank’s largest credit portfolios.

About the Stena Foundation

The Stena Foundation celebrates community and focuses its initial efforts in the local communities and regions closest to home. The Stena Foundation believes in providing critical thought leadership with the goal of inspiring others to act now by helping to create inclusive economic prosperity for all.

Current projects include a partnership with University of Utah to create the Stena Center for Financial Technology, as well as cross-sector curriculum and degree programs in the Fintech area. The foundation also works with the Sorenson Impact Center, and Utah and Idaho state governments and public universities, to research successful pathways to post-secondary education for students from rural and underserved communities. Steve and Jana, co-founders of the Stena Foundation, believe that financial inclusion and quality education can be a catalyst for change, breaking the chains of generational poverty to lift individuals, families and local economies.

About University of Utah

Located in Salt Lake Cityan urban and high-tech industrial center, the University of Utah is the flagship university for the state Utah and the university hub for the region. The U is a Tier 1 research school and a member of the Association of American Universities – a prestigious, invitation-only group of 65 leading research institutions characterized by excellence in academic excellence and research impact, student success and securing resources to support the core. assignment. In addition to the research focus, the university is strongly committed to equity, diversity and inclusion; Safety; Health and well being; academic freedom; and sustainability. The U was recently recognized as one of the top 5 universities in the country for entrepreneurship education. It is also a member of the Pac-12, one of the nation’s premier athletic conferences.

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SOURCE University of Utah