BOSTON & RALEIGH, N.C.--(BUSINESS WIRE)--FinTech Sandbox announced today that Sageworks, which offers lending, credit risk, and portfolio risk solutions to banks and credit unions, will make banking and indices data available to early stage financial technology startups selected by the Sandbox. This data will be used in the development and testing of cutting edge innovations.
Sageworks offers banks and credit unions the technology they need to give SMBs a better borrowing experience and greater access to capital. The company aggregates private-company financial statements from accounting firms, banks, and credit unions through a cooperative data model. The result is the largest real-time database of private-company financial information in the United States.
FinTech Sandbox catalyzes innovation in the financial sector by making data and infrastructure available to well-qualified FinTech startups for free at the point when access is most impactful. Sandbox residents, in return, are expected to collaborate with each other, sharing learnings and advancements that benefit the FinTech ecosystem. Startups that participate pay no fees and no equity is taken.
“Sageworks was founded in 1998 by technology pioneers interested in using their inventions to help small businesses,” said Scott Ogle, Sageworks CEO. “Partnering with FinTech Sandbox to make benchmarks available to today’s innovative FinTech startups is a natural extension of our mission. We are excited to see what new solutions today’s entrepreneurs build.”
“We are very excited to have Sageworks joining FinTech Sandbox as a data partner,” said Jean Donnelly, Executive Director of FinTech Sandbox. “Access to this data enables the Sandbox to service diverse FinTech startups accelerating innovation in SMB lending and offering new financial services to small business owners.”
Over 100 startups from around the world have been accepted as participants to FinTech Sandbox since it launched in 2015. Alumni include Elsen, Kensho (recently acquired by S&P Global), and Quantopian. Companies accepted to the program have gone on to raise, in aggregate, more than $400 million.
About Sageworks
Sageworks offers banks and credit unions lending, credit risk and portfolio risk software to efficiently grow and improve the borrower experience. By automating the life of the loan with Sageworks, bankers book commercial loans faster and reduce risk. Sageworks uniquely provides integrated solutions and industry expertise to more than 1,200 financial institutions that achieve an average 38% higher loan growth than peers. Visit www.sageworks.com to learn more.
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 startups. Sponsors include Amazon Web Services, Fidelity Investments, F-Prime Capital, Franklin Templeton, Intel, State Street, Thomson Reuters, and Goodwin Procter.
For more information, please visit www.FinTechSandbox.org and twitter.com/FinTechSandbox.
