Equifax said Friday that it has entered into a joint collaboration with FinTech Sandbox in an effort to spur global FinTech innovation. The companies said in a release that the collaboration is tied to data sharing, where Equifax will offer commercial and consumer data that will help its new partner FinTech Sandbox to develop new products.
FinTech Sandbox is a non-profit that serves the financial sector through data and infrastructure provided to startups. The startups pay no fees and there are no equity stakes, according to the release.
Equifax said that in addition to the data provided, the company will also offer analytical support to the non-profit, spanning data to deployment across what it termed the “full analytical life cycle.” The support will come through a single connected suite of offerings, according to the release.
“The FinTech industry is moving fast, and I’m so proud that we have an opportunity to collaborate around our shared mission for advancing the industry. We look forward to helping influence the Sandbox’s next generation of leaders with our data and analytical tools,” said Sharla Godbehere, AtlFi and FinTech leader at Equifax, according to the release. “We’re also offering our expertise in this space. Being a FinTech company, we understand the challenges of bringing all the pieces together to make a product work. This is an exciting opportunity to partner and share our personal insights and experience with these startups.”
FinTech Sandbox is based in Boston and is sponsored by Amazon Web Services, Fidelity Investments, F-Prime Capital, Franklin Templeton, Intel, State Street, Refinitiv, EY, and Goodwin Procter.