BofA promises $1.5m for Charlotte fintech push

BofA promises $1.5m for Charlotte fintech push

Bank of America is pumping $1.5 million into a fintech initiative in the firm's hometown of Charlotte, North Carolina.

Confirming a Charlotte Business Journal report, BofA says it is committing the money over three years to "help formalise and launch" the city's efforts to build up a fintech hub.

Says chief operations and technology officer Cathy Bessant: "Fintech is a significant, new opportunity for Charlotte that connects our strong finance and technology infrastructure with innovatively minded people, creating tech jobs and new paths to economic mobility."

According to the Journal, about 20 groups are working on the Charlotte fintech initiative, with an official announcement from Mayor Jennifer Roberts expected in the coming months.

However, the city, and North Carolina as a whole, took a reputational battering in the tech world last year over state-wide legislation that discriminates against members of the LGBT community.

The move prompted PayPal to reverse a decision on the location of a new global operations centre in Charlotte that would have created 400 new jobs, while Deutsche Bank froze plans to create 250 new jobs at its tech site in the town of Cary.

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