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UD to open $38M fintech building in 2021

The University of Delaware plans to open a $38 million center for financial technology in 2021, the university announced last week.

The six-story, 100,000 square foot building on UD’s STAR Campus in Newark will bring together researchers in the university’s business and engineering schools, as well as offer space for fintech startups.

“We’re working hard in Delaware to support those entrepreneurs and innovators who will keep our state competitive in the 21st century economy, and drive new job creation,” Governor John Carney told UDaily. “We’re also good at working together in Delaware, and I am really pleased to see this kind of collaboration between the private sector and the University of Delaware. This partnership at the STAR Campus will help create a pipeline of skilled local talent, support our entrepreneurs, build on our strength in financial technology, and strengthen our economy over the long term.”

Financial technology, or fintech, is the field of using technology to improve the delivery of banking and other financial services.

Delaware is already home to several fintech firms, including North Wilmington-based online lender Marlette Funding. The company was approved earlier this year for a $2.7 million Delaware Strategic Fund performance grant contingent on adding 232 jobs in the state.

Looking to learn more about fintech in Delaware?

An organization called the First State Fintech Lab is working to advance the industry.

And Marlette Funding CEO Jeffrey Meiler will be speaking at the New Castle County Chamber of Commerce Fintech Forum on Dec. 11.

Click here to UD’s article about the planned fintech building, which Delaware Technology Park will build for UD to occupy as a tenant. The project will be financed through a below-market rate loan from Discover Bank.

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