EvoNexus, a San Diego-based technology business incubator, said it launched the first fintech incubator in Southern California with founding sponsors Royal Bank of Canada and Franklin Templeton.

The incubator will focus on key areas impacting fintech, including AI-machine learning, blockchain, mobile payments, P2P lending, cybersecurity, digital cash, insuretech, regtech, 5G, data science, predictive behavioral analysis, IoT and edge computing.

"Together with RBC and Franklin Templeton, our vision is to establish SoCal's premier FinTech incubator as the driving force behind innovations between financial services and the next wave of underlying technologies, such as 5G, further enabling mobility and digitilization of financial transactions," EvoNexus co-founder and CEO Rory Moore said in the announcement.

Companies must have at least two full-time employees in San Diego or Orange County, six months of funding runway, looking for seed or Series A capital and has technology with potential for commercial success, according to a spokesperson.

Since 2010, EvoNexus has seen $1.6 billion in funding and acquisitions of its startups and since 2013, 26 startups firms have been acquired.

Previous fintech companies in the incubator include Approved, which was acquired by Credit Karma, Zenhavior, which was acquired by Tourmaline Labs and LoanHero, which was acquired by LendingPoint.

The incubator will open a 6,000 square-foot Class A office space next month provided by real estate developer Irvine Company.