Until now, startups admitted to the FinTech Sandbox program have occurred on a drip and drab rate with one firm at a time being accepted. Reversing that model, FinTech Sandbox announced that eleven startups have been admitted into the program in one shot. The eleven firms nearly triple total admittance of the program to seventeen startups.
So what is FinTech Sandbox? The program was created by larger financial data and technology firms such as Thomson Reuters, Amazon’s AWS and SIX Financial Information to provide free and low cost market data and IT services to fintech startups. With high fees associated with licensing and distributing market data, the FinTech Sandbox program provides a solution for startups to build and begin to scale their products without absorbing high data costs in their early days.
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Getting admitted into the program are eleven firms covering startups that are building consumer facing and institutional facing products. Companies include AlphaStreet, Bison, Data Simply, Datavore, Herding Cats, Kyper Data Technologies, Quotail, TRDR, Ufora, Scalable Capital Limited and Equity Zen. As part of the program, firms are requested to give back to the FinTech Sandbox community by providing feedback to data providers, sharing knowledge, and contributing non-proprietary code and APIs to the Sandbox GitHub repository.
About the admission of eleven startups, Jean Donnelly, Executive Director at FinTech Sandbox, stated, “This cohort truly demonstrates that FinTech Sandbox’s value proposition has universal appeal. We will continue to align with major FinTech hubs like San Francisco and London to connect FinTech innovators with our partner financial institutions and data providers. Together, we are driving global FinTech innovation to the benefit of all constituencies.”