IHS Markit (NASDAQ:INFO), a provider of information, analytics, and financial markets data, has teamed up with global venture capital firm Illuminate Financial, helping provide early stage companies and fintech firms with more competitive costing data, per a group statement.
The accord focuses on the capital markets sector, whose data partnership extends to emerging companies that are seeking to make themselves more competitive across the broader marketplace. More specifically, the utilization of low cost proprietary capital markets data will be supplied by IHS Markit, helping shore up access for fintech companies.
The development is an important opportunity for groups that can benefit from an acceleration of their product development cycle, helping stimulate innovation across the capital markets space. Per the deal, Illuminate Financial will also be utilizing its infrastructure and capabilities to select the strongest applicants based on the maturation of their respective company management, development teams, business plans, funding and data requirements.
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The most highly qualified companies selected in this way will be granted licenses to receive select fixed income and equity market datasets from IHS Markit. The datasets themselves include a wide selection of relevant utilities, ranging from pricing and reference data for bonds, commodities, OTC derivatives, to indices and analytics.
According to Sally Moore, Managing Director and Head of Strategic Alliances at IHS Markit, in a statement on the partnership: “High quality market data are the building blocks of financial services technology, but access can be costly for early stage companies.”
“We know from experience working with and investing in fintech startups that access to market data is make or break for an effective product research and development. Our mission is to help promising companies bring new technologies and new thinking to the financial sector and we are excited to work with IHS Markit to promote innovation in the capital markets industry,” explained Mark Whitcroft, founding partner of Illuminate Financial.
Earlier this week, IHS Markit reported its Q1 2017 financials, highlighting a period of strong growth relative to the year prior, with virtually all metrics pointing higher.