EvoNexus, Southern California’s (SoCal) topmost startup incubator with its locations in Irvine and San Diego respectively, just announced that it has started receiving applications in search of companies in their early stage. These companies are those with emerging financial technologies and this search is in order to admit them into its new purpose built FinTech incubator.
EvoNexus together with principal founding corporate sponsors, Royal Bank of Canada (RBC) (which is the largest bank in Canada) and Franklin Templeton (a world-class investment firm based in Silicon Valley) launched SoCal’s first FinTech incubator earlier in April, 2019.
FinTech is used to refer to a group of financial technologies that has the ability to either disrupt or empower some other industries. Examples of technologies that affect these sectors include cloud, financial transaction services software, IoT, 5G and edge computing.
“FinTech is attracting investment from institutional investor funds, corporate venture funds and angel investors, and this year is promising to be one of the biggest years for the space. EvoNexus’ position and timing is perfect for launching a FinTech incubator, taking advantage of a new wave of startups in the SoCal region and imbedded talent. Our long standing partnership with Qualcomm puts us at ground zero with one of the most important companies enabling the next generation 5G network that will accelerate the ubiquitous delivery of these technologies and services.” said EvoNexus CEO and Co-Founder Rory Moore.
The three organizations in partnership are concerned about searching for and admitting FinTech startups in core technology areas including bank/wealth/payment technology, artificial intelligence/machine learning, capital markets technology, blockchain, cybersecurity, P2P lending, mobile payments, RegTech, digital cash, data science, InsurTech, predictive behavior analytics as well as key telecommunication enablers including 5G, IoT and edge computing that will have an impact on digitization of financial transactions and banking.
“A large part of our success begins with finding high quality entrepreneurs with disruptive solutions timed with market need. The talent pool of recent graduates of world class “B” schools and STEM programs from the nation’s leading universities is ripe in our community. Southern California has a history of companies that innovate in FinTech going back 20 plus years ago – HNC, the pioneer of credit card and insurance fraud detection software, FICO, that is the gold standard in credit scoring services, and PIMCO, the world’s largest bond trading company.” Moore added.
“Our relationship with EvoNexus will enable us to gain firsthand access to new technologies that can add value and differentiation for our core businesses. FinTech is a key driver and accelerator in our efforts to develop new ways to use data and services to improve business outcomes and drive investment performance for our customers.” said the Chief Technology Officer for Franklin Templeton, Joe Boerio.
“Our collaboration with EvoNexus aligns with our commitment to harness the potential of emerging technology to drive value for our clients. We are very excited to meet with and learn from the startups that become part of the FinTech incubator.” said Eddy Ortiz of RBC.
The deadline for the application is May 17, 2019, at 8:00PM Pacific Time