There’s no right way to say this – Having the right data at the right time in the right way requires a lot of things to go right! While this may be a pun-filled oversimplification, it is especially true if you are a data-driven startup like us. The TRaiCE platform lives, breathes, and runs on data. So, when our application to enter the FinTech Sandbox residency was accepted, we were understandably thrilled! Wondering what the fuss is all about? Here’s a brief explanation of why we applied for a FinTech Sandbox residency and what it means for TRaiCE to be accepted.
About FinTech Sandbox
Started in 2014 by a group of fintech entrepreneurs and investors in Boston, FinTech Sandbox is a non-profit organization. It provides fintech startups like us access to essential data, infrastructure, and community guidance through a 6-month data access residency that is essentially free. In return, startup founders simply need to share their learnings and collaborate with the platform’s community. FinTech Sandbox partners with 40 industry-leading data providers such as Equifax, Experian, Moody’s Analytics, S&P Global Marketplace, Morningstar Inc., and many more. To date, the nonprofit has helped over 250 startups get the high-level data they need to innovate without worrying about costs. We count ourselves fortunate to be one among this number.
What the FinTech Sandbox residency means for TRaiCE
To gain access to this residency, we went through a multi-step interview process with the FinTech Sandbox team to establish our data use case and product credentials, which included a demo of our platform’s capabilities. Here they are announcing our acceptance into their program.
So, what does this residency mean for TRaiCE?
Simply put, this partnership will allow us to broaden the TRaiCE platform’s scope and reach. While our application is primarily built to help lenders with portfolio monitoring, we can expand its capabilities with the right kind of data to cover other risk-prone processes such as underwriting and prospecting. Here’s what our CEO Sony Gabriel had to say about this. “We are thrilled that TRaiCE is accepted into the FinTech Sandbox Data Access Residency. This partnership will greatly enhance our go-to-market strategy by broadening our offers to various customer segments for faster adoption.”
In addition, as we are a data-agnostic platform, the breadth of data at our disposal thanks to this residency will help us expand and demonstrate more use cases quickly to include monitoring ESG risk, company risk, vendor risk, and counterparty risk among others. As our CTO Geetha Ramaswamy put it, “With access to Credit Bureau and other data sources, we will be able to develop blended solutions and demonstrate the lift offered by TRaiCE to newer customer segments.”
Last but not least, we are also excited by the mentorship and guidance we will receive from the FinTech Sandbox community and alumnus and we look forward to making many lasting connections as we push towards making TRaiCE a cutting-edge risk monitoring tool that will benefit many.
Want to know how we leverage data to help financiers detect portfolio risks early? Watch us present TRaiCE at FinTech Sandbox's 9th Demo Day! Register here to join us on April 11, 2023!