$39 Million Project will Serve as a Hub for Delaware’s Growing Financial Technology Industry
A New Markets Tax Credit investment from Cinnaire is supporting the development of a new, 100,000-square-foot building dedicated to financial technologies, commonly called fintech, at the University of Delaware’s Science Technology and Advanced Research Campus in Newark.
Cinnaire provided a $9 million New Markets Tax Credit (NMTC) allocation to the Delaware Technology Park to support the FinTech building, the latest project on the University of Delaware’s growing STAR Campus. Construction is expected to be completed in November 2021.
“FinTech will transform the future of Delaware’s growth in the financial technology sector, providing a space for entrepreneurs and innovators to collaborate on impactful projects,” said Peter Giles, Cinnaire Vice President, Business Development. “This project will expand economic and educational opportunities while creating jobs for Delaware residents. The New Markets Tax Credit continues to bring investment to communities that need it most, demonstrating the value of the program.”
The Delaware Technology Park is a leading East-Coast nonprofit research park, providing development-stage life science, information technology, advanced materials, and renewable energy companies with access to the resources and connections needed to drive and thrive and accelerate their economic success.
“Delaware Technology Park is excited to launch the FinTech building on STAR Campus in conjunction with the University of Delaware and funded by Discover Bank and Cinnaire, ” said Mike Bowman, President and CEO of DTP. “It will contain faculty, students, and entrepreneurs with outstanding data science knowledge and digital management competencies as well as support resources for business development and community education.”
FinTech will serve as a hub for financial and academic services with a mix of private and university tenants. The project will host a new Financial Services Incubator, the Delaware Small Business Center, and the University of Delaware Alfred Learner College of Business and Economics and the College of Engineering. The incubator will provide space, resources and tech assistance to early stage financial and business software entrepreneurs and start-up companies, with a focus on low- and moderate- income community members.
A national nonprofit focused on improving the financial health of communities, will partner with the FinTech incubator to provide insights to improve the financial health of low- and moderate- income community members. The building will also house the Delaware Small Business Center, Delaware Technology Park, and the University of Delaware’s Office of Economic Innovation and Partnerships.
The goal of the new fintech center is to be a place where entrepreneurs, students, and university faculty can collaborate especially on topics like financial analytics, cybersecurity, human-machine learning and data analysis.
The state’s Small Business Development Center will also have an office in the building so it can help implement the Office of Economic Innovation and Partnerships “Spin In” program that places UD undergrads in early-stage startups to give students real-life experience with entrepreneurship and give the companies access to the university’s emerging talent.
UD’s Lerner College of Business and Economics will build a cybersecurity leadership center that will link Lerner’s cybersecurity management with the College of Engineering’s cybersecurity engineering and technology, a space for human-machine learning and social media data analysis and a multimedia studio.