New Fintech Frontier

The Stena Center for Financial Technology will bring a new start-up incubator, venture fund, and more to the U

Everything from the apps we use to do online banking to the algorithms that calculate credit scores use financial technology (fintech). And Utah is developing a reputation as the epicenter of fintech education and innovation.

Now, the U, in partnership with the Stena Foundation, is leading out at the crossroads of fintech education with a new entrepreneurial laboratory— the Stena Center for Financial Technology.

Using $65 million in orchestrated funding assembled over the next 10 years, the center will include industry-sponsored labs, a startup incubator, venture funds, and fintech-focused degrees and certificates. Reinvestments from the venture funds ultimately are projected to fund the center in perpetuity.

President Taylor Randall HBA’90 says pairing fintech with education is like mixing chocolate and peanut butter—extraordinary. “There is no greater educational experience than starting a new business,” says Randall. “This new center will take an industry that is ripe for disruption and innovation, combine it with the research and passion of our faculty and students on campus, and create a whole new level of financial technology ecosystem in the state of Utah.”

Center initiatives will launch this fall with an incubator—the fintechXstudio—and venture capital funds will be made available to 10 to 12 qualifying founders working in fintech. Each of their start-up companies could receive as much as $100,000 in venture capital to get off the ground. Eventually, investment returns from those start-ups will be reinvested in the incubator, funding the center.

“We want to invest in an ecosystem—something that’s perpetuating and building on itself,” says Steve Smith BS’93, former chairman, CEO, and co-founder of Finicity and co-founder of the Stena Foundation.

Led by executive director Ryan Christiansen, the center will collaborate with academic units on campus to develop programs and degrees. The first three university colleges involved will be the David Eccles School of Business, the John and Marcia Price College of Engineering, and the S.J. Quinney College of Law, along with the President’s Office. The university already offers a minor emphasis in fintech. Over the next four years, the U will begin offering undergraduate and master’s degrees in the field.

The Price Family gifted $5 million to the Utah Museum of Fine Arts to create the Marcia and John Price Executive Director Endowment. Marcia Price BA’57 (along with a 2006 honorary doctorate) and John Price BS’56 are longtime supporters of the museum and the arts, and their involvement was instrumental in the construction of the current facility. The gift will help ensure the financial sustainability of the museum and its work in serving people throughout Utah and the region.

Health Sciences researcher Erin Rothwell PhD’04 has been named the U’s new vice president for research. She was previously the U’s associate vice president for research, and helped improve the U’s grant support pipeline. She also led the development of hubs to increase collaborative projects across the university.

Humans

Shogofa Mahnaz Safi Teacher at the U’s Bright Horizons Day Care Center

I am an Afghan refugee. I arrived in Utah in May 2022. My journey has been difficult, filled with uncertainty and fear. My heart aches every day for my parents and brother who remain in Afghanistan, and I am constantly worried for their safety. The thought of them being punished because of my departure keeps me awake at night.

However, I have found some solace in the kindness of strangers, and joining the Zions Evening ESL Program at the U was a big part of that. When I first arrived, the International Rescue Committee introduced me to University Neighborhood Partners (UNP), which connected me to the 16-week evening course. We met four times a week for two hours, and it has been a ray of light in my life. I’m grateful Zions Bank sponsored the program—I couldn’t have afforded it otherwise. It provided me with a warm and supportive environment to develop my language skills and form connections with fellow students from all over the world who have faced similar challenges.

The lessons in this program are nothing like what I have seen before. They are a blend of traditional grammar lessons and unique experiences. The small classroom setting with 20 or so students and a fantastic instructor [Sam Dunn MFA’90] allowed me to improve my English skills.

I will never forget the day we went on a scavenger hunt at the Natural History Museum of Utah, where I got to experience the wonders of the natural world and learn about the rich history of this land. The landscape in Utah is like where I lived in Kabul, Afghanistan. There are canyons, and the mountains and plants are very alike. I also fondly remember the potluck day, where we brought food from our native countries and shared stories about our backgrounds.

The Zions Evening ESL Program was more than just a language course. It has been a source of comfort, hope, and inspiration for me. I am grateful for this opportunity and the memories that I have made here. I love the University of Utah, and one day I hope to attend. I’d like to fulfill my mother’s dream and go into the medical field so I can help others.

Web Extra: To learn more about the Zions Evening ESL Program and other English Language Institute programs, visit magazine.utah.edu/esl