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May 14, 2024 | Tom Ballard

New Jersey partners with Plug and Play on new fintech accelerator

Pending approval by its Board, the state's Economic Development Authority intends to invest up to $17.5 million in the new program.

New Jersey Governor Phil Murphy announced last week that the New Jersey Economic Development Authority and Plug and Play have launched an accelerator hub known as the Fintech Accelerator at Stevens Institute of Technology (NJ FAST).

The program marks the first location on the East Coast for Plug and Play, the Silicon Valley-based firm and innovation platform known for connecting start-ups, corporations, venture capital firms, and government agencies. It has partnerships around the globe.

The Stevens Institute will serve as the founding academic partner, and Prudential Financial will serve as the founding corporate partner for NJ FAST.

“Serving as the fourth Strategic Innovation Center, NJ FAST positions New Jersey to remain at the forefront of innovation, research, and development, specifically within the cutting-edge fintech and insuretech sectors,” said Governor Murphy. “NJ FAST will allow for new entrepreneurs to bring their world-class ideas to New Jersey, increasing our state’s already impressive talent pool, all while capitalizing on the resources and expertise of our partners at Stevens Institute of Technology. This center sends a clear message that when it comes to technology and innovation, the Garden State is the place to be.”

Pending approval by its Board, the NJEDA intends to invest up to $17.5 million in the fintech accelerator.

As regular readers of teknovation.biz know, the Nashville Entrepreneur Center launched a fintech accelerator last year. The second cohort of that program, known as Project FinTech, kicks off next month.

To learn more about plans for the New Jersey program, click here.


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