FinTech Sandbox’s Banner Year Highlights Data Access and Sustainable & Inclusive Finance as Essential for the Future of Fintech
FinTech Sandbox, a nonprofit that provides early-stage startups with free access to critical data and resources, experienced strong growth with its virtual Boston FinTech Week and the launch of Mass Fintech Hub, a public-private partnership dedicated to making the Commonwealth a leading fintech hub that first launched in June 2021. In addition, the movement to adopt Sustainable and Inclusive Finance principles in financial services is evident as more FinTech Sandbox startups count this as an important aspect of their business models.
“In more ways, FinTech Sandbox is delivering on its core mission of bringing innovation to fintech and financial services by providing data access to startups,” said Kelly Fryer, Executive Director, FinTech Sandbox. “Our world-class events and programming are making an impact on the industry, particularly in the domain of Sustainable and Inclusive Finance as a rising number of fintech startups participating in FinTech Sandbox’s core Data Access Residency program include this as a priority. By expanding data access, not only can we improve the financial ecosystem, ultimately, we can help people gain agency in their financial lives and enable them to make healthier choices.”
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Boston FinTech Week Attracts Thousands Virtually and Builds Excitement about Fintech’s Future
The fourth-annual Boston FinTech Week was held virtually between September 28 and October 1. This year’s theme was “Financial Services for Anyone, Anytime, Anywhere,” and the four-day program had a clear focus on Sustainable and Inclusive Finance, as well as the myriad of emerging technologies that continue to transform financial services.
Compared to previous years, the fully live-streamed event allowed financial professionals from countries worldwide to attend virtually, who may not be able to travel, as well as those from all functional and professional levels. Key takeaways include:
- Attendance and participation surged – Over 3,700 registration and 2,100 attendees, up 16 percent and 38 percent from 2019 respectively (the last year Boston FinTech Week was held). Mass Fintech Hub also hosted new virtual programming at the event.
- Over 100+ innovators and industry leaders held the virtual mic – Headliners included:
- Abby Johnson, Chairman and CEO of Fidelity
- Greg Becker, President & CEO of Silicon Valley Bank
- Jimmy Chen, Founder and CEO of Propel
- Mike Massaro, CEO of Flywire
- Sallie Krawcheck, CEO and co-founder of Ellevest
- Silvio Micali, founder of Algorand and professor at the MIT Computer Science and Artificial Intelligence Laboratory
- Boston FinTech Week is clearly a global event
- Attendees came from over 57 countries and represented the full spectrum of the financial services industry, including financial institutions, fintech & startups, service providers, academia, VC firms, government representatives
Sustainable and Inclusive Finance is Gaining Influence in Fintech
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As Sustainable and Inclusive Finance rises in awareness and interest, this is also reflected in FinTech Sandbox’s Data Access Residency program. Key statistics include:
- Over 60 percent of accepted startups make Sustainable & Inclusive Finance a priority
- The increasing focus on Sustainable & Inclusive Finance is changing the mix of business models with more startups targeting consumers directly to solve related issues: Accepted startups this year were 44 percent B2B, 40 percent B2C, and 16 percent B2B2C, compared to 78 percent, 18 percent, and 4 percent respectively in 2020.
- An increasing number of non-U.S. startups are interested in the Data Access Residency program: Over one third of participating startups are international (36 percent), compared to 30 percent in 2020.
- Available data sets reflect emerging trends and use cases: Startups can now access Sustainalytics and Moody’s NewsEdge, which were both added in 2021.
Mass Fintech Hub Launches and Delivers New Fintech Programming
The organization was also instrumental in the founding of Mass Fintech Hub, which is also an initiative under FinTech Sandbox. Co-chaired by Housing and Economic Development Secretary Mike Kennealy, and Mike Fanning, Head of MassMutual U.S., the Massachusetts Fintech Working Group established the Hub, a Massachusetts-based and -led initiative to strengthen the Commonwealth’s Fintech ecosystem and drive continued success and growth for the industry. During Boston FinTech Week, the organization hosted several new programs and over the summer, launched a Fintech Bootcamp for primarily Black and LatinX students from the Commonwealth. It has also more than doubled its membership from financial institutions, fintechs and other stakeholders since June.
FinTech Sandbox promotes innovation in the financial sector by making data and infrastructure available to fintech startups, at the point in their growth when access to this typically expensive data is most impactful. FinTech Sandbox startups, in return, collaborate with current and past residents, sharing learnings and advancements that benefit the ecosystem. Participating startups – more than 245 thus far – pay no fees and no equity is taken.
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