University of Utah President Taylor Randall unveiled a $65 million donor initiative on Monday set to seed a new off-campus education center, business incubator and venture investment fund aiming to substantially elevate student opportunities in the emerging financial technology sector.
The U., in partnership with the Stena Foundation and founders Steve and Jana Smith, will create the Stena Center for Financial Technology. The foundation has orchestrated total funds of up to $65 million over the next 10 years to support the center, including industry-sponsored labs, a start-up incubator, venture funds and fintech-focused degrees and certificates. Reinvestments from the venture funds are ultimately expected to fund the center in perpetuity.
For the uninitiated, fintech, a portmanteau combining financial and technology refers to technology aiming to upgrade and automate the delivery of financial services. Innovations in the sector are changing consumer financial services as well as a broad array of categories including investment management,…