BOSTON (6/12/14)--Digital FCU, Marlborough, Mass., will open the doors to its new DCU Center of Excellence in Financial Services later this month with a launch event in partnership with the local shared-work space firm Workbar.
Located in downtown Boston, the facility will offer "co-working," or collaborative work space and other resources specifically wired for finance sector startups.
"Through this collaboration, we hope to play a vital role in the changing environment of the financial services industry," said David Araujo, vice president of information systems at the $5.6 billion-asset credit union. "The partnership we've created with Workbar is setting the stage for continued innovation on our part and allowing (Digital) to foster and give back to emerging FinTech companies."
The center held a soft launch in January and has already secured a core group of startup companies that focus on credit scoring, wealth management and investing.
In addition to the collaborative workspace, the startups will receive industry-specific mentorship, be able to work with senior-level executives from the credit union, and have access to programming, resources and networking.
Beyond the center, startups in the new space also will have access to Workbar's network of co-working spaces--which sit just down the street--events, programming and its 700-member community.
"I think it's great how (Digital) is showing that credit unions can be some of the most innovative entities in the financial sector," said Ernesto Humpierres, founder of Socrex and member of Digital's new center since April. "By embracing entrepreneurs and change (Digital), through its Center of Excellence, is lowering the barriers for the appearance of new business models that can have a positive impact on society."
The launch event will take place June 25. It will be open to the public and will feature demos from member startups.