Sydney fintech hub moves to bigger site in face of overwhelming demand

Sydney fintech hub moves to bigger site in face of overwhelming demand

A new and larger premises has been announced for Sydney’s independent fintech hub, Stone & Chalk, which has outgrown its first home before even moving in.

Stone & Chalk will now open in July on level 2, 50 Bridge Street in Sydney’s CBD, utilising more than 2300 square metres of agile office space - almost double the original plan.

Stone & Chalk CEO, Alex Scandurra, says: “It was always a bold ambition - to create a physical fintech hub in Sydney within months of the venture’s announcement by NSW Premier Mike Baird. But none of us envisaged the overwhelming demand we’ve had from more than 350 fintech entrepreneurs for the 150 places initially on offer."

In its larger premises 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.

NSW Minister for Industry Anthony Roberts says the proposed expansion and new location of Stone & Chalk illustrates 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," says Roberts. "We consider that the fintech industry will play an increasingly important role in the State's economy and therefore are delighted to hear there has been so much interest in this hub."

The hub has also announced new corporate partners in the shape of the Australian Stock Exchange (ASX), IBM, TAL and Thomson Reuters, who join founding supporters Allens, Amazon Web Services, American Express, AMP, ANZ, Capital Markets CRC, CIFR, FINSIA, Finzsoft (NZ), HSBC, IAG, Intel, KPMG, Macquarie Group, Oracle, Suncorp Bank, Veda, Westpac and Woolworths.

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