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Financial Planning > Behavioral Finance

FinTech Sandbox Adds Morningstar as Data Provider

By Janet Levaux

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FinTech Sandbox, a nonprofit that helps financial technology startups access data and resources, said Monday that Morningstar (MORN) would provide a select group of startup companies with free access to its global investment databases for six months.

This news comes one month after industry veteran Sallie Krawcheck said she is working to launch Ellevest, a new digital investment platform for women, in early 2016, with $10 million in Series A financing led by Morningstar.

“Morningstar’s mission is to help investors reach their financial goals, and we want to work with companies that share this mission,” said Joanna McGinley, head of redistributor solutions for Morningstar, in a statement. “We are excited to contribute our data to FinTech Sandbox and the startups it supports.”

FinTech Sandbox, which is based in Boston, is currently sponsored by several firms, including Fidelity Investments, Devonshire Investors, Thomson Reuters, Silicon Valley Bank, Amazon Web Services, Intel, SIX Financial Information, Goodwin Procter and .406 Ventures. The organization, which facilitates free access to financial data and infrastructure for up-and-coming global financial technology firms, says it takes no fees and requires no equity from participating startups.

Other data providers include FactSet, StockTwits and Quovo.

According to a recent report, there are some 4,000 fintech firms worldwide that have received about $25 billion in investments.

Morningstar says it plans to offer FinTech Sandbox participants access to the following data: Morningstar Managed Products Data, Morningstar Equity Data, Morningstar Real-Time Market Data, and Morningstar By All Accounts Data from more than 15,000 sources (including retirement accounts, 529 plans, annuities, bank accounts, credit cards, employee stock options, endowments, loans, offshore funds, REITs and more).

“Morningstar revolutionized mutual fund analysis, so they understand innovation in financial services. The company’s strong belief in supporting entrepreneurs in the global FinTech community makes Morningstar an excellent collaborator for our startups,” said Jean Donnelly, executive director of FinTech Sandbox, in a press release.

Last week, Morningstar said it had third-quarter net income of $33.5 million, or $0.76 per share, compared with $30.2 million, or $0.67 per share, a year earlier. Revenue for the quarter was $195.3 million, an increase of 1% compared with the same period in 2014.

Revenue for Retirement Solutions was up 15% year over year, and total assets under management and advisement rose 12% to $85.7 billion. In addition, Licenses for Morningstar Direct grew 15% to 11,111 as of Sept. 30.

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