On May 7, 2024, Governor Phil Murphy announced a partnership between the New Jersey Economic Development Authority (NJEDA) and Plug and Play to form the New Jersey Fintech Accelerator at Stevens Institute of Technology (NJ FAST). This Strategic Innovation Center will serve as a hub for financial technology (fintech) and insurance technology (insuretech) startups.
Stevens brings expertise in financial systems technology, AI, cybersecurity and more. Faculty and students will collaborate with partners and startup fintech companies. Stevens already has a major fintech presence, including the NSF-backed Center for Advancing Financial Technology (CRAFT).
The NJEDA and Plug and Play will oversee NJ FAST's accelerator program, hosting two 10-company cohorts per year, with equity investments of up to $1 million in at least 15% of participating companies. The NJEDA intends to invest up to $17.5 million, while Plug and Play will commit up to $2.5 million and secure additional funding.
Stevens and Prudential will provide training, educational opportunities and support for participating startups. Stevens will host events and provide student interns.
With major financial institutions in New Jersey, NJ FAST builds on the state's finance industry leadership to support fintech and insuretech growth. It aims to advance innovation, create jobs and drive economic growth statewide.
NJFAST is the fourth Strategic Innovation Center in New Jersey, supporting research and development, innovation and entrepreneurship in financial and insurance technology sectors.
Read more at www.stevens.ed...