The University of Utah has announced a 10-year, $65 million commitment from the Stena Foundation to expand financial technology innovation and business education.

The foundation was established by Steve Smith, a fintech entrepreneur and Mastercard chief engagement officer for global open banking, and his wife, Jana. The Stena Center for Financial Technology will include research-focused labs, industry-sponsored projects, an innovation hub, a student-focused startup incubator, venture funds, and fintech-focused degrees and certificates. Over the next four years, the university plans to begin offering undergraduate and master’s degrees in fintech. In addition, collaborations with the David Eccles School of Business, the John and Marcia Price College of Engineering, and the S.J. Quinney College of Law are planned to develop integrated programs and degrees. The university plans to reinvest the proceeds of center-launched venture funds to support the center in perpetuity.

“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,” said Steve Smith.

“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,” said University of Utah president Taylor Randall. “This world-class center will leverage our unparalleled research and education with resources that provide critical hands-on experiences for students.”

(Photo credit: Getty Images/strickke)