Xignite, the leading provider of cloud-based financial market data, announced today that it has agreed to be a data provider for FinTech Sandbox, a Boston-based non-profit provider of financial market data to early-stage financial services and fintech entrepreneurs for product development and testing.
As part of the agreement, Xignite will provide market data at no cost, helping to further the FinTech Sandbox mission of supporting startups with reliable and free access to data in order to drive innovation in fintech.
Xignite is one of seven data providers – which include Thomson Reuters, SIX Financial Information, FactSet, Benzinga, Tradier and Plaid – that has agreed to provide FinTech Sandbox startup participants with free access to market data for six months. One of the greatest challenges for those looking to start a fintech business is the high cost or inaccessibility of financial data. By providing streamlined access to this information from a variety of sources, including global exchanges, financial analytics, proprietary news, third party content and historical earnings estimates, FinTech Sandbox equips emerging entrepreneurs with the critical resources needed to develop and test their applications quickly and with the highest level of quality.
"Our work with Boston's FinTech Sandbox highlights our established and ongoing commitment to promote the success of startups in financial service technology whose lack of funding makes it difficult to act on the innovative ideas that our industry needs," said Stephane Dubois, CEO of Xignite. "Market data is the lifeblood of fintech, and without full access to these data points in the early stages of development and testing, many emerging players would not be able to reach their full potential."
"For data providers, the FinTech Sandbox is an opportunity to work directly with key startups, thereby initiating a critical relationship between data partners and their users," said Jean Donnelly, Executive Director, FinTech Sandbox. "These seven partners are nurturing a pipeline of future customers, while also helping to shape the industry by contributing to the successful development of leading fintech solutions."
FinTech Sandbox will be based at the Impact Hub located in downtown Boston, and the official launch will take place on March 26, 2015.