Capital One plans to open an innovation center City Philadelphia as it works to deal with technology challenges, the Philadelphia Business Journal reported.
The center will employ 100 people. The financial services company leased more than 22,000 square feet on a building on Market Street in Philadelphia.
Like other companies, CapitalOne has tapped into the Philadelphia labor market and a pipeline of talent from its many universities.
Cable TV giant Comcast operates an innovation center as part of its presence in Philadelphia, the home of the company’s headquarters.
The trend toward tech centers in cities pre-dates the Covi-19 pandemic as younger workers showed a preference for living in larger cities.
Capital One has operations in northern Delaware that employ several hundred people, with many of those jobs focused on “fintech,” financial technology.
The financial services company entered the Delaware market after buying ING, an online based bank. Capital One used that platform for its own online bank.
Capital One started out in the credit card business but diversified into brick and mortar bank branches as well as online banking.
The company has reduced its office footprint in Wilmington and has moved to a hybrid format with some work done at home offices. It also gifted a building on the Wilmington Riverfront to Delaware State University.
