The Washington University School of Engineering & Applied Science has been renamed the McKelvey School of Engineering, Chancellor Mark Wrighton announced Jan. 31.

The name change comes following a donation made by alumnus Jim McKelvey Jr.

The value of the donation was not disclosed. Its funds will go towards establishing professorships and scholarships as well as cross-disciplinary initiatives aimed at uniting different schools. It will also go towards projects that will impact the wider St. Louis community.

“The McKelvey name has become synonymous with innovation and entrepreneurship in the St. Louis region and well beyond,” Wrighton said in an interview with the Source. “There is no better way to make a statement about what our engineering school stands for than by giving it a name that represents being ahead of the curve and blazing a trail of creative problem solving through technology.”

McKelvey graduated from Washington University in 1983 with undergraduate degrees in computer science and economics. He is most notably known as the inventor of the mobile payment company, Square, and the educational non-profit LaunchCode.

“Under the strong leadership of Dean Aaron Bobick, the engineering school is positioned for true greatness, and this is the right time to step forward with this investment,” McKelvey said said in an interview with the Source. “Engineering fields are moving at an exponential growth rate, and to keep up with that requires tremendous investment of resources: human, physical and financial.”

Current Dean Aaron Bobick is the James M. McKelvey professor. McKelvey’s father, James McKelvey, Sr was the former dean of the engineering school. The James M. McKelvey Sr. Hall, is part of the East End transformation and is slated to open in 2020. The hall will be built as a result of a $15 million commitment from McKelvey Jr. in 2016.

“This tremendous gift creates new opportunities for our students and faculty to tackle the world’s greatest engineering challenges, and to dramatically expand computing throughout the University,” Bobick said said in an interview with the Source.. “At the same time, it helps ensure that a diverse population of students will have access to a world-class engineering education, and enable the school to be a catalyst for economic development for the St. Louis region and beyond.”