Southern California is getting its first financial technology (fintech) incubator, thanks to EvoNexus, the area’s leading startup incubator owner/operator, it was announced on Tuesday. Set to occupy a 6,000ft office space in San Diego, the incubator is being launched by EvoNexus in conjunction with strategic sponsors, Royal Bank of Canada (RBC) and Franklin Templeton.
The incubator will support new innovations in fintech, with startups focusing on artificial intelligence/machine learning, bank/wealth/payment technology, capital markets technology, cybersecurity, blockchain, mobile payments, P2P lending, digital cash, InsurTech, RegTech, data science, predictive behavior analytics and key telecommunication enablers such as 5G, IoT and edge computing.
“Together with RBC and Franklin Templeton, our vision is to establish SoCal’s premier FinTech incubator as the driving force behind innovations between financial services and the next wave of underlying technologies, such as 5G, further enabling mobility and digitization of financial transactions,” said EvoNexus CEO and Co-Founder Rory Moore. “The next generation of our FinTech portfolio companies will be disruptive and beneficial for developing infrastructure for new banking and investment models that will rely on unique technology and data. Leveraging EvoNexus’ deep corporate alliances to open the region’s first purpose built FinTech Incubator is important for reshaping and building sustainability in the SoCal technology innovation ecosystem.”
EvoNexus, which has eight years of experience successfully running incubators and, in a statement, feels confident in its ability to select, develop and launch high quality companies in the fintech space as well. In addition to the incubator itself, startups will have access to the region’s nationally ranked business schools and world class technology school talent and resources, bringing high value jobs to the area.
As founding sponsors, RBC and Franklin Templeton are reportedly committed to a long-term partnership with EvoNexus. “FinTech is an important sector for us at RBC,” said Eddy Ortiz, VP of Solution Acceleration & Innovation at RBC. “Leveraging the time tested incubation platform that EvoNexus has perfected since 2010 will allow us to complement our commitment to invest in the best emerging technologies. We operate several RBC Innovation Labs around the globe and this partnership augments what we’re doing to incubate digital capabilities and drive innovation that creates value for our clients.”