New fintech innovation hub launches at Stevens Institute (updated)

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Officials will gather Tuesday in Hoboken to launch of the New Jersey Fintech Accelerator at Stevens Institute of Technology (NJ FAST).

NJ FAST, the state’s fourth Strategic Innovation Center, will serve as a hub for financial technology and insurance technology startups.

The New Jersey Economic Development Authority (NJEDA) signed a non-binding letter with Plug and Play – the Silicon Valley-based accelerator that is powering NJ FAST – to form a limited partnership in establishing the hub. Stevens and Prudential Financial Inc. serve as the academic and corporate partners, respectively.

The event features leaders and officials from the different stakeholders involved in the collaboration, including Gov. Phil Murphy.

It marks continued momentum for the state in the innovation space, following recent notable developments and announcements, including last week’s HAX grand opening in Newark.

“NJ FAST is an excellent example of a public-private-higher education collaboration that has the potential to bring significant economic value to our state and to serve as a national and global leader,” said Stevens President Nariman Farvardin. “Stevens is pleased to leverage its deep and significant expertise in financial systems, technologies and entrepreneurship and our knowledge of emerging fields such as AI, machine learning and quantum computing, to the benefit of all partners and the state.”

“Since taking office, Gov. Murphy has prioritized growing New Jersey’s innovation economy by ensuring that the companies of the future have access to first-rate resources and support as entrepreneurs grow and scale their business,” added NJEDA Chief Executive Officer Tim Sullivan.

“Powered by NJEDA’s Strategic Innovation Center program, NJ FAST aims to make New Jersey a national leader in fintech and insuretech by supporting innovation, which will help empower startups and drive the creation of new technologies that in turn will create jobs and support long-term, sustainable economic growth across the state,” Sullivan continued.

NJBIZ is on hand for the announcement. Please stay tuned for further coverage.

Editor’s note: This story was updated at 10:33 a.m. ET May 7, 2024, to include a statement from NJEDA.