BOSTON & CHICAGO--(BUSINESS WIRE)--FinTech Sandbox today announced it has entered into a partnership with TransUnion to help early-stage financial technology firms launch in the marketplace. As part of the partnership, TransUnion’s Startup Credit Kit will enable startups to test business model concepts and refine their go-to-market strategies.
Non-profit FinTech Sandbox promotes innovation in the financial sector by making data and infrastructure available to well-qualified FinTech startups. Sandbox participants, in return, are expected to collaborate with each other and share learnings and advancements that benefit the FinTech ecosystem.
“We are partnering with FinTech Sandbox to power more startup innovation across the entire consumer credit lifecycle,” said John Wirth, vice president of FinTech strategy and market development at TransUnion. “TransUnion’s unique data assets have been fueling much of today’s changing consumer finance landscape. By making these resources available to new startups, TransUnion is enabling the next generation of consumer finance innovation.”
TransUnion’s Startup Credit Kit will provide Sandbox residents with provisionary access to TransUnion’s cutting-edge CreditVision trended credit data and alternative data as well as IDVision identity management tools. Together, these solutions can help enable startups to test their market assumptions, develop preliminary risk models and adjust strategy in order to curtail the time to market.
“Providing startups with credit and fraud prevention data will encourage the development of new tools, new products and new markets,” said Jean Donnelly, executive director of FinTech Sandbox. “We expect the partnership with TransUnion to be a real catalyst for innovation in consumer lending, ultimately leading to better outcomes for consumers.”
Over 125 startups from around the world have been participants in FinTech Sandbox’s program since it launched in 2015. Alumni include MoCaFi, BetterFin, Stilt, FutureFuel, and Petal. Companies accepted to the program have raised, in aggregate, more than $400 million.
About TransUnion (NYSE:TRU)
Information is a powerful thing. At TransUnion, we realize that. We are dedicated to finding innovative ways information can be used to help individuals make better and smarter decisions. We help uncover unique stories, trends and insights behind each data point, using historical information as well as alternative data sources. This allows a variety of markets and businesses to better manage risk and consumers to better manage their credit, personal information and identity. Today, TransUnion has a global presence in more than 30 countries and a leading presence in several international markets across North America, Africa, Latin America and Asia. Through the power of information, TransUnion is working to build stronger economies and families and safer communities worldwide.
We call this Information for GoodSM. http://www.transunion.com/business
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.