New fintech center launched at University of Utah – @theU
Randall continued, “We provide exceptional foundations in education, humanities, science, social and health sciences. The chance to put your ideas and knowledge into the real world is the next step.”
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 center 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 managing director Ryan Christiansen.
“The Stena Foundation is pleased to partner with the University of Utah and other leading financial technology organizations in establishing the Stena Center for Financial Technology,” said Steve Smith, Chairman of the Stena Foundation. “This progressive center, in alignment 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 the Salt Lake City-based The Stena Foundation as a way to strengthen economic prosperity through the basic building blocks of 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 USD 1 million 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 blend Utah’s broad experience in the fintech industry with the energy and creativity of U students,” said Ryan Christiansen, Executive Director. “This unique partnership will connect fintech leaders’ workforce skills and experience with students’ passion and ideas — and accelerate innovation to place Utah at the forefront of global fintech excellence.”
