To that end, Randall announced the school will partner with the Stena Foundation, which will contribute as much as $65 million in the next decade to “supercharge the student entrepreneurial experience” by creating the new Stena Center for Financial Technology. “The Stena Center for Financial Technology provides the ability to accelerate and incubate important advances in financial technology innovation and businesses that will continue to propel the fintech industry forward and cement Utah as a center of excellence,” Randall said in a statement. “This world-class center will leverage our unparalleled research and education with resources that provide critical hands-on experiences for students.”
The Stena Foundation, which is run by Steve and Jana Smith, is a private entity designed to facilitate access to education and financial inclusion, according to its mission statement. To do so, it partners with other organizations to conduct data-driven research and identify scalable solutions, among other activities, it notes.
The newly announced funding will support a start-up incubator, industry-sponsored laboratories, venture funding and fintech-centered certificates and degrees at the University of Utah, according to the announcement. Additionally, reinvestment of those venture funds will be expected to help fund the fintech center “in perpetuity.”
From Twitter
Utah Gov. Spencer J. Cox @GovCox ·17h
"Congrats to @UUtah for the inaugural Fintech XChange & a $65 million donation for a new fintech education center. Financial tech companies have grown 18% in Utah over the past 5 years and continue to grow. Thanks Steve Smith & the Stena Foundation for supporting Utah’s future!"
Additionally, the center will work closely with existing academic units located on campus like the David Eccles School of Business, S.J. Quinney College of Law, John and Marcia Price College of Engineering and the President’s Office to develop the new programs and degrees. “This progressive center, in alignment with its strategic partners, will build on the success of the fintech community in Utah and will become a major hub for ongoing financial technology innovation and real economic impact,” says Steve Smith, who also lists chairman of the Stena Foundation among his many titles.
The center’s incubator initiative, deemed fintechXstudio, along with a pool of venture capital funding will be available for “qualifying student founders” engaged in the fintech space, according to the announcement. Executive director Ryan Christiansen will run the nascent operation.
The project will kick off with a cohort of 10 students and businesses who will have access to office space, industry mentors, faculty experts, tools, funding and other resources, according to the University of Utah. Each year, an investment commitment of $1 million or more will be made to at least 10 student-driven fintech companies.
“The Stena Center will blend Utah’s broad fintech industry experience with U students’ energy and creativity,” Christiansen said. “This unique partnership will connect financial technology leaders’ workforce skills and experience with students’ passion and ideas—accelerating innovation to place Utah at the forefront of global fintech excellence.”
