Ernst & Young LLP (EY) has become a lead sponsor of FinTech Sandbox and the exclusive advisory services provider of the Boston-based nonprofit organization.
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.
“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.”
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.