Bank of America has pledged to invest $1.5 million in Charlotte, N.C., as part of the city's efforts to become a hub for financial technology.

The investment, which was first reported by the Charlotte Business Journal, will be doled out over the next three years in order to launch and sustain the initiative, according to a statement from Cathy Bessant, the bank's chief operations and technology officer.

"Charlotte has proven to be a place where a sustainable company can be founded, emerge and grow," Bessant said. "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."

Cathy Bessant, chief operations and technology officer, Bank of America.
Cathy Bessant, chief operations and technology officer, Bank of America.

Bessant has spoken publicly before about plans to turn Charlotte, where Bank of America is headquartered, into a fintech hub, going so far as to say at a conference last summer that it "will happen."

About 20 companies are said to be taking part in the fintech initiative, which the city is preparing to announce this spring, the Charlotte Business Journal reported.