FinTech Sandbox is a non-profit organization based in Massachusetts that focuses on promoting financial technology innovation. It provides financial data and infrastructure to up-and-coming startups by partnering with innovative data providers including Xignite™, Yodlee®, Thomson Reuters, FactSet and S&P Capital IQ, etc. One of the unique challenges in fintech is the high cost of market and financial data new companies need in order to develop innovative products. Typically, a company sells data and content subscriptions because it’s a lot of work to get that information. As a result, companies can spend 40 to 50 percent of their monthly budget just buying subscriptions to data, which is more than they spend for developers to build products. To address this challenge, FinTech Sandbox connects startups with new ideas to data partners that can offer free access to their data and financial data feeds for a six-month period. This enables startups to test their product and move forward on their development cycle.
Access to data, infrastructure, and accelerators help startups to shorten the development cycle and ease development costs for their product. We connect data partners directly with startups, and FinTech Sandbox assists in streamlining the legal and onboarding process. We also act as a resource for our startups when they go live and introduce them to potential clients. A lot of our data partners also act in this capacity. Plus, we are building a network of successful alumni who can help our future startups. Yodlee Interactive has been a great asset to our work, because they’ve come on board as a robust financial data partner. We also partner with the Ynext Incubator and offer production-level access to Yodlee Aggregation and Instant Account Verification APIs that empower developers working with consumer banking data.
FinTech Sandbox is actually fairly new, but some of our startups are already growing by leaps and bounds. Thanks to help from companies like Yodlee, we’re able to help our community find the resources that will lead to their success. Are you looking for access to data and other resources to build your financial app? Apply to our program, which includes a robust set of data feeds and APIs, cloud hosting from infrastructure partners, and membership in a global fintech community. We look forward to hearing from you!