Fintech, Finance & Accounting, Tampa Bay, Technology, Web Design & App Development
Intrinio - The Financial Data Marketplace That Empowers Your Ideas
INTRINIO – THE FINANCIAL DATA MARKETPLACE THAT POWERS YOUR IDEAS
If you want to buy a latte from your iPhone and pay with bitcoins, then get a home loan while it brews, you can do it, but if you want to do serious financial analysis you are out of luck. Most people never even consider doing their own investing because, unless you have advanced training and deep pockets, it’s too complicated and too expensive. Intrinio is a financial technology company on a mission to make investment data so affordable and so accessible that everyday people can invest as easily as they buy coffee.
Intrinio started out trying to create an automated investing tool, but the founding team quickly realized getting data to power the analyses would be too costly. Traditional data providers quoted the firm $50,000. A month. That’s because a few big firms have an oligopoly on the stock prices and financial statements that are required to analyze a stock to see if it would be a good investment. For the startups that want to build revolutionary investing tools, it’s a non-starter.
Instead of building the app, Intrinio’s founders decided to build a new kind of financial data company- one that was so affordable, startups could use it to build investment apps for non-professionals. The team learned to code and set to work using artificial intelligence, statistical algorithms, and application programming interfaces (APIs) to build an efficient, modern data platform. As Intrinio’s team began adding data, developers started to show up looking to use the data.
Those developers have built tools that make financial data accessible in Excel, Google Sheets, and dozens of other user-friendly services. Those apps make it possible for individuals, people who could never afford to analyze stocks themselves, to think for themselves about investments even if they aren’t professional investors. Intrinio learned that if you make financial data affordable and accessible, developers will come. Once the developers get to work, investors will come.
In 2016, Intrinio had more than 50 companies build applications for investors as part of the Developer Program, an initiative that gives free data to startups. In 2017, Intrinio is on pace to become the largest fintech incubator in the state of Florida. Hundreds of thousands of investors have used the tools these companies build to analyze stocks, track the broader market, and learn to invest. It’s all made possible by innovative data collection and distribution technology invented by Intrinio’s developers.
The growth of Intrinio’s platform has been so explosive, with new data types and apps being added on a weekly basis, that Intrinio launched the Fintech Marketplace so investors could shop for data and tools to power their analyses. Shopping for investment apps wasn’t a thing until Intrinio came along, but now individuals can search for the analytics tools and data they need right from their phones, subscribing in seconds for less than the cost of a cup of coffee.