25 April 2018

Fintech startups invited to play in data sandbox

28 May 2014  |  9660 views  |  0 data with digital fingerprints

Fidelity Investments, Thomson Reuters and Amazon are backing a fintech startup programme in Boston that will provide early stage firms with free and discounted access to financial data sets to test-drive their applications.

The Fintech Sandbox is designed to be complementary to the glut of business accelerators and VC programmes that provide startups with access to seed funding.

Speaking to the Boston Globe, David Jegen, managing director of Devonshire Investors, the private investment arm of the Johnson family, which controls Fidelity, said: "Fintech entrepreneurs have a unique problem, which is the high cost of data to help them build applications. They raise $2 million of venture capital funding, and then spend $500,000 of it buying market data from Bloomberg or Thomson Reuters. Or they show up to customers, who say, 'Nice app, but it hasn't been tested on robust data sets.' We think that is a problem we can help solve."

The Sandbox will be supervised by Rocky Weitz, the former chief executive and cofounder of stealthy Boston startup CargoMetrics, which was set up in 2010 to collect data about the movement of commodities by ship for onsale to hedge funds.

The Sandbox will aim to source data on commodity prices or anonymized retail transactions, with Amazon Web Services supplying data processing and storage services.

Based in Boston, the idea is to create a virtual global resource which startups from around the world can access direct from their desktops.

"Inherently, this is a virtual offering,' Jegen told the Globe "London-based startups will have access to it, too."

He said the aim is to begin slowly with three early stage firms onboard before opening the programme to other startups by the end of 2014.

Inherently, the idea is similar to that pioneered by PFM outfit Yodlee, whose cross-platform API gives entrepreneurs access to over 12,000 global financial data sources, covering areas such as bank accounts, insurance, rewards programmes. Last month, the firm announced it had teamed up with global accelerator Startupbootcamp, Australia-based 25fifteen and Scotland's Entrepreneurial Spark to provide their startups with access to the API.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

MasterCard launches European incubator programme for commerce startups

MasterCard launches European incubator programme for commerce startups

07 May 2014  |  9588 views  |  0 comments | 12 tweets | 13 linkedin
Yodlee partners incubators to catalyse fintech innovation

Yodlee partners incubators to catalyse fintech innovation

25 April 2014  |  7486 views  |  0 comments | 9 tweets | 7 linkedin
Start-up support seen as critical to future of London fintech scene

Start-up support seen as critical to future of London fintech scene

11 April 2014  |  7931 views  |  2 comments | 13 tweets | 5 linkedin
£1m London tech startup competition ditched

£1m London tech startup competition ditched

26 March 2014  |  4759 views  |  4 comments | 4 tweets | 1 linkedin
Lloyds' digital lead Hatami to keynote Finextra Future Money

Lloyds' digital lead Hatami to keynote Finextra Future Money

14 March 2014  |  7311 views  |  0 comments | 2 tweets | 1 linkedin
Bank of Ireland and State Street join Irish fintech accelerator

Bank of Ireland and State Street join Irish fintech accelerator

11 March 2014  |  6965 views  |  0 comments | 7 tweets | 2 linkedin
Startupbootcamp invites fintech geeks to London payments hackathon

Startupbootcamp invites fintech geeks to London payments hackathon

11 March 2014  |  8971 views  |  0 comments | 13 tweets | 3 linkedin
Barclays takes fintech accelerator to New York

Barclays takes fintech accelerator to New York

18 February 2014  |  7550 views  |  0 comments | 5 tweets | 5 linkedin
Banco Sabadell picks tech startup programme winners

Banco Sabadell picks tech startup programme winners

17 February 2014  |  5441 views  |  0 comments | 7 tweets
MasterCard and Silicon Valley Bank launch incubator programme for commerce startups

MasterCard and Silicon Valley Bank launch incubator programme for commerce startups

12 February 2014  |  9470 views  |  0 comments | 16 tweets | 9 linkedin
Startupbootcamp launches fintech accelerator programme

Startupbootcamp launches fintech accelerator programme

06 February 2014  |  10476 views  |  0 comments | 11 tweets | 10 linkedin
EC unveils accelerator to give tech start-ups helping hand

EC unveils accelerator to give tech start-ups helping hand

24 January 2014  |  5478 views  |  2 comments | 10 tweets | 6 linkedin
New York to host FinTech Startup Weekend

New York to host FinTech Startup Weekend

19 November 2012  |  9820 views  |  0 comments | 11 tweets | 5 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comVisit www.nextgenbanking.co.ukVisit http://response.ncr.com

Top topics

Most viewed Most shared
Top tier banks pass first transactions on trade finance blockchainTop tier banks pass first transactions on...
14789 views comments | 21 tweets | 28 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
11439 views comments | 18 tweets | 32 linkedin
'Fake data' will make banks vulnerable - Accenture'Fake data' will make banks vulnerable - A...
9746 views comments | 26 tweets | 36 linkedin
Irish central bank tunes in to fintechIrish central bank tunes in to fintech
8835 views comments | 20 tweets | 21 linkedin
Major card schemes zero in on single 'buy' button for online commerceMajor card schemes zero in on single 'buy'...
8794 views comments | 20 tweets | 36 linkedin

Featured job

Find your next job