Stevens Institute of Technology’s STEM startup incubator, Stevens Venture Center, has “graduated” its first company, FinTech Studios, and is overseeing its transition from Hoboken to offices near Manhattan’s World Trade Center.
The company is the first to make the move from SVC since it started in 2016 as a resource for students and faculty at Stevens.
The move was confirmed after securing several rounds of investor capital and generating strong enough sales growth. FinTech Studios has 10 full-time employees and has raised about $1.5 million in capital, most of it in 2017 alone. It also saw its sales increase six-fold in 2017 over the previous year. It will now be independent of the other 15 companies that SVC houses in various stages of development.
“We are extremely proud of FinTech Studios’ success and the role we played in helping them turn their vision into a viable company,” said Adrienne Choma, director of the SVC. “This exactly why the SVC was founded — to help Stevens’ entrepreneurs learn how to turn their ideas into the next generation of game-changing, technology-oriented businesses.”
FinTech uses artificial intelligence to develop and market cloud-based financial technology apps and Big Data financial analytics products in conjunction with financial technology startups, financial institutions, data providers and other partners. The company found itself under the SVC umbrella after acquiring iUbble, an innovative web browser created by Kevin Barresi, a member of Stevens’ Class of 2015.
At SVC, startups have access to space, advisers and networking opportunities. The incubator also holds a monthly speakers series and weekend-long hackathons.
Jim Tousignant, FinTech Studios’ CEO, spoke positively of his experience with the business incubator.
“Our relationship with Stevens has been a huge part of what has helped FinTech Studios start and develop as a growing software and information business,” he said. “I greatly appreciated and enjoyed the opportunity to interact with Stevens Institute of Technology and the Stevens Venture Center, as well as the many great people within the Stevens community, including the administration, alumni, students and faculty.”