FinTech Sandbox facilitates innovation in the financial services industry by making data and infrastructure available to well-qualified FinTech start-ups for free at the point when such access is most impactful. These Sandbox residents, in return, are expected to collaborate with each other, sharing learnings and advancements that benefit the FinTech ecosystem. Participating start-ups pay no fees, and no equity is taken. EY is a financial services leader and is committed to high growth companies that are driving innovation throughout the financial services ecosystem. The agreement between FinTech Sandbox and EY will focus on incorporating EY’s mentorship, thought-leadership and training into the program curriculum in order to shape early-stage FinTechs and enhance long-term growth.
FinTech Sandbox sponsors see innovation occurring on the cutting edge of technology in real-time, and the start-ups demonstrating this innovation have the opportunity to learn more about the keys to a successful start-up growth strategy through their interactions with Sandbox sponsors. The reciprocal learning process between the start-ups and sponsors allows all involved to grow and shape their understanding of innovation and accelerated growth, and allows the start-ups to flourish via a streamlined and curated program.
“More than almost any other industry, FinTech requires entrepreneurs to confront daunting challenges from data availability to compliance and regulatory requirements to long customer adoption cycles in their pursuit of solutions that will transform the sector,” said Sarah Biller, Co-Founder of FinTech Sandbox. “Knowing these challenges firsthand, we are thrilled that EY has committed to supporting FinTech Sandbox and the entrepreneurs we uniquely serve. EY’s track record of advising entrepreneurs and institutions to smartly leverage this cycle of technology innovation is nothing short of remarkable and we are fortunate to have them working hand in hand with us.”
“EY’s Financial Services Organization (FSO) has long taken an active role in helping to build and grow collaboration within the greater FinTech ecosystem,” said Anthony Caterino, Vice Chair, Ernst & Young LLP and Regional Managing Partner of the firm’s FSO. “We are truly committed to building a better working world by asking better questions, by applying our innovative thinking and approach to complex challenges, and by harnessing disruptive technologies to ensure sustainable growth. Our agreement with the FinTech Sandbox team can serve to enhance the growth and success of the FinTech firms of tomorrow.”
“Our FinTech team is excited to bring its experience and focus to accelerate sustainable growth and collaboration with Sandbox residents,” said Matt Hatch, Partner, Ernst & Young LLP, and EY Americas FinTech and Financial Services Growth Markets Leader. “We have been at the forefront of driving collaboration between FinTechs and traditional financial services firms, and look forward to working with these companies in order to help ready them to tackle the opportunities and challenges that their future growth will bring.
Over 160 start-ups from around the world have been accepted as participants since FinTech Sandbox launched in 2015. Alumni include Kensho (acquired by S&P Global), Petal, TellusLabs (acquired by Indigo) and Quantopian. Companies accepted to the program have gone on to raise, in aggregate, more than $500 million.
Notes to Editors
EY is a leader in serving the global financial services marketplace
Nearly 51,000 EY financial services professionals around the world provide integrated assurance, tax, transaction and advisory services to our asset management, banking, capital markets and insurance clients. In the Americas, EY is the only public accounting organization with a separate business unit dedicated to the financial services marketplace. Created in 2000, the Americas Financial Services Organization today includes more than 11,000 professionals at member firms in over 50 locations throughout the US, the Caribbean and Latin America.
EY professionals in our financial services practices worldwide align with key global industry groups, including EY’s Global Wealth & Asset Management Center, Global Banking & Capital Markets Center, Global Insurance Center and Global Private Equity Center, which act as hubs for sharing industry-focused knowledge on current and emerging trends and regulations in order to help our clients address key issues. Our practitioners span many disciplines and provide a well-rounded understanding of business issues and challenges, as well as integrated services to our clients.
With a global presence and industry-focused advice, EY’s financial services professionals provide high-quality assurance, tax, transaction and advisory services, including operations, process improvement, risk and technology, to financial services companies worldwide.
EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.
This news release has been issued by Ernst & Young LLP, a member firm of EY serving clients in the US.
About FinTech Sandbox
FinTech Sandbox is a Boston-based nonprofit that promotes financial technology innovation globally by providing free access to critical data and resources to FinTech entrepreneurs and start-ups. Sponsors include Amazon Web Services, Fidelity Investments, F-Prime Capital, Franklin Templeton, Intel, State Street, Refinitiv, and Goodwin Procter.
For more information, please visit www.FinTechSandbox.org and www.twitter.com/FinTechSandbox.