FinTech Sandbox Gains More Crowdsourced Data as Estimize Becomes a Partner

Estimize and their crowdsourced stock market financial forecasts and economic indicators data joins FinTech Sandbox as a partner

FinTech Sandbox has announced that Estimize has become the program’s latest data partner. A provider of free and low cost financial data and technology services for fintech startups, FinTech Sandbox includes partnership with firms such as Thomson Reuters, Fidelity Investments and Amazon Web Services.

For fintech startups, admittance into the program allows them to benefit from lower or free costs of financial market data during their development period, and when they first distribute their products. Partners of FinTech Sandbox benefit by being able to experience firsthand how fintech innovators are using their products, as well as getting involved early, creating potential long-term vendor to customer relationships.

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Becoming a partner, Estimize provides a unique data source for participating startups. Rather than disseminating market data from exchanges and interbank markets, Estimize prepares crowdsourced forecasts for US stocks and economic figures as an alternative to consensus Wall Street analyst figures. The addition of Estimize follows fellow crowdsourced trading data provider, StockTwits, who became a FinTech Sandbox partner in July to avail their social trading sentiment data to participating startups.

Among the current uses of Estimize’s data, the firm has a growing list of buy-side fund users that use the stock revenue and profit data to monitor potential changes in a company’s business. In the past, Leigh Drogen, Founder and CEO of Estimize explained to Finance Magnates that by casting a wider net and taking estimates from their community rather than only from analysts, they can provide greater value in their aggregated forecasts. On average, the crowdsourced figures on Estimize have been found to be more accurate than Wall Street numbers when compared to actual results published by stocks.

Commenting on their participation, Christine Short, Senior Vice President of Estimize stated: “Participation in FinTech Sandbox helps us fulfill our mission of democratizing access to data. We are also pleased to play a part in strengthening the global fintech ecosystem. We believe the startups in FinTech Sandbox today will grow to become core customers in future years.”

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