BOSTON–(BUSINESS WIRE)–FinTech Sandbox today announced that Franklin Templeton Investments, a leading global asset management firm, has signed on as a sponsor of the Boston-based nonprofit organization.
FinTech Sandbox facilitates innovation in the financial sector by making data and infrastructure available to well-qualified FinTech startups 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 startups pay no fees, and no equity is taken.
FinTech Sandbox sponsors see innovation occurring on the cutting-edge of technology in real-time and learn more about the startup process. This informs corporate innovation strategies while avoiding the substantial costs associated with running an internally operated accelerator. Sponsorship allows firms to engage with Sandbox participants when they are in their early startup phase via a streamlined and curated program.
Jean Donnelly, Executive Director of FinTech Sandbox, said: “We are thrilled to have Franklin Templeton Investments join our efforts to help FinTech startups build great products. Their commitment strengthens our ability to accelerate the pace of innovation in financial technology.”
“At Franklin Templeton, we take an active approach to searching for better outcomes, whether they be in terms of investment returns, risk reduction or investor experience,” said Joe Boerio, Senior Vice President and CTO of Franklin Templeton Investments and new FinTech Sandbox board member. “We are committed to playing an active role in leveraging innovation coming from inside and outside of our organization, and to encouraging and shaping innovation in the FinTech landscape, with the goal of ultimately delivering better outcomes for our clients. We believe that working with FinTech Sandbox helps us to do both well.”
Over 100 startups from around the world have been accepted as participants in the 30 months since FinTech Sandbox launched. Alumni include Elsen, Kensho, and Quantopian. Companies accepted to the program have gone on to raise, in aggregate, more that $380 million.