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A new research center at Wharton wants to make a fintech hub out of Philly

The Stevens Center for Innovation in Finance will seek to “expand the ways we study and shape the fintech revolution,” said professor David Musto, who will lead the new hub.

The Wharton School. (Photo by Flickr user Sergio Carreira, used under a Creative Commons license)

A new research center at the University of Pennsylvania’s Wharton School will focus on shaping what the next stage of fintech looks like.

The Stevens Center for Innovation in Finance bears the name of Wharton alum and donor Ross Stevens, the founder and CEO of New York-based financial services firm Stone Ridge Holdings Group. Through the new hub, students will have access to fintech research courses and mentorship, and companies in the financial sector will be able to connect with the center for student-led research projects.

“Penn’s unique mission has always been to take on the biggest real-world challenges and opportunities through knowledge-based and data-driven innovation,” said Penn President Amy Gutmann in a statement. “The mission of the Stevens Center is precisely this: to ensure that innovations in finance make the greatest positive contributions to businesses and communities across the globe.”

Faculty Director David Musto, the Ronald O. Perelman Professor in Finance, will lead the Stevens Center as it aims to use data analytics to better understand how tech is influencing the financial services industry.

“I am thrilled that the Stevens Center will make it possible for Wharton to greatly expand the ways we study and shape the FinTech revolution,” Musto said. “I have known Ross [Stevens] since we were classmates in graduate school together and I am very much looking forward to working with him again to make the Stevens Center a game changer both for Wharton and for financial services.”

Though we’ll cede that New York and San Francisco amass much of the country’s top names in fintech, Philly does have a fintech cluster of its own. Nearby Wilmington, with its growing fintech ecosystem and names like CapitalOne and JP Morgan Chase in town, might also stand to benefit from the new center in Philly.

On April 3, the center will host its inaugural event, featuring Jackie Reses, head of Square Capital, and David Klein, CEO of CommonBond.

Companies: Wharton School

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