In February 2021, the last piece of carbon steel was added to the FinTech building at the University of Delaware Science, Technology, and Advanced Research (STAR) Campus. The beam was 30 feet across, weighed 1,500 pounds, and contractors lifted it 92 feet into the air. This beam marks the halfway point of construction on the FinTech building, which began on April 15, 2020.

What Are the Details of the Project?

The building, upon completion, will be six stories tall and will have 100,000 square feet in total. FinTech is short for “financial technology,” a rapidly growing industry in recent years and a field of study that the University of Delaware STAR campus wanted to dedicate an entire structure to it. The building is built through a partnership with UD, Delaware Technology Park (DTP), and Discover Bank. The $38 million project is funded in part by Discover Bank. 

Some of the more intricate details of the building itself include labs and centers within the building that are part of the University of Delaware’s College of Engineering and Alfred Lerner College of Business and Economics. These will focus on data analysis, financial analytics, cybersecurity, and human-machine learning. The Office of Economic Innovation and Partnerships (OEIP) will also relocate from a different campus location.

Delaware Technology Park is also sponsoring spaces within the building for startups to develop, with access to tech assistance and other amenities. Delaware’s Small Business Development Center will also be housed in the building and support business development and education.

In general, the building will house academic centers, data and technology centers, financial institutions, nonprofits, small businesses, and data and technology experts. 

The FinTech building will also house two colleges from the University of Delaware: the Lerner College of Business and Economics and the College of Engineering.

Why Is This Project Important?

Financial technology building is growing globally as an industry. FinTech-related companies grew from $18.9 billion in 2013 to $111.8 billion in 2018. This is according to a recent report by the Delaware Prosperity Partnership. Delaware is already well-known for its financial sectors, such as in Wilmington, so students have opportunities for local positions after graduation. 

The project is expected to be completed in November 2021. For more information on this and other projects, visit our website.