Sydney fintech hub outgrows first home

10 June 2015

Stone & Chalk CEO, Alex Scandurra

NSW's first fintech hub, designed to support the State's rapidly growing financial technical services sector, will open in premises almost double the size originally planned next month after outgrowing its first home before even moving in.

The hub was announced by NSW Premier Mike Baird earlier this year and will enable NSW to play a lead role in the fast emerging fintech global market. It is the result of the NSW Government's Financial Services Knowledge Hub.

The new hub, known as Stone & Chalk, will now open in July at 50 Bridge Street in Sydney's CBD, utilising more than 2300 square metres of office space - almost double the original plan.

Unprecedented demand

Stone & Chalk Chief Executive Officer Alex Scandurra said the move had been forced by unprecedented demand to be part of the hub.

"None of us envisaged the overwhelming demand we've had from more than 350 fintech entrepreneurs for the 150 places initially on offer," Stone & Chalk CEO Alex Scandurra said.

"Our primary aim is to facilitate and promote the development of a world-leading fintech start up community in Australia, and given the high volume and quality of start-up applications, we felt that we needed to accommodate a larger number of entrepreneurs from day one."

The role of Stone & Chalk

Stone & Chalk will now accommodate up to 200 entrepreneurs through a combination of dedicated labs, full and part time desks, secure offices and casual 'drop in' spaces.

It will also offer an events space to host master classes, meet-ups and conferences.

The objective of Stone & Chalk is to help build up fintech businesses and enable the Sydney sector to become the pre-eminent fintech hub of Asia.

Supporting a $60 billion industry

NSW Minister for Industry Anthony Roberts said the proposed expansion and new location of Stone & Chalk illustrated the strength of the State's $60 billion financial services sector.

The NSW Government has been a keen supporter of Stone & Chalk as part of our Knowledge Hubs initiative. As evidenced by much interest in the hub, the fintech industry will play an increasingly important role in the State's economy.

The NSW Government will provide support to ensure the successful establishment of Stone & Chalk, which will in turn attract international talent to Sydney, develop and support local industry and increase financial services innovation and exports.

The Financial Services Knowledge Hub is one of five NSW knowledge hubs in key economic sectors. Others are: Creative Digital, Medical Technology, Transport and Logistics and Energy. Find out more at www.trade.nsw.gov.au/business-and-industry-in-nsw/innovation-and-research/knowledge-hubs

For more on the fintech hub go to www.stoneandchalk.com.au