Share |

The FinTech Sandbox Inc.

 50 Milk Street, 15th Floor
 Boston, MA 02109
[P] (617) 863.2325
[F] --
fintechsandbox.org
jdonnelly@fintechsandbox.org
Jean Donnelly
Twitter
INCORPORATED: 2014
 Printable Profile (Summary / Full)
EIN 46-5706694

LAST UPDATED: 02/06/2019
Organization DBA --
Former Names --
Organization received a competitive grant from the Boston Foundation in the past five years No

Summary

--

Mission StatementMORE »

We help FinTech startups access data and build great products.” The FinTech Sandbox mission demonstrates our sharp focus on product development. Expanding diversity in FinTech is embedded in this mission. Broad entrepreneurial leadership -- across race, gender, and geography -- leads to better product design and better decision making. We democratize data, leveling the playing field for all FinTech entrepreneurs. This is particularly critical to innovators who address financial inclusion challenges in low-income communities. We aim to make Boston THE leader in diverse FinTech entrepreneurship while expanding the potential of FinTech innovation to improve people`s lives and build out the ecosystem in nontraditional locations.


 

Mission Statement

We help FinTech startups access data and build great products.” The FinTech Sandbox mission demonstrates our sharp focus on product development. Expanding diversity in FinTech is embedded in this mission. Broad entrepreneurial leadership -- across race, gender, and geography -- leads to better product design and better decision making. We democratize data, leveling the playing field for all FinTech entrepreneurs. This is particularly critical to innovators who address financial inclusion challenges in low-income communities. We aim to make Boston THE leader in diverse FinTech entrepreneurship while expanding the potential of FinTech innovation to improve people`s lives and build out the ecosystem in nontraditional locations.


 


FinancialsMORE »

Fiscal Year Jan 01, 2019 to Dec 31, 2019
Projected Income $535,000.00
Projected Expense $535,000.00

ProgramsMORE »

  • Data models
  • Visibility

Revenue vs. Expense ($000s)

Expense Breakdown 2017 (%)

Expense Breakdown 2016 (%)

Expense Breakdown 2015 (%)

For more details regarding the organization's financial information, select the financial tab and review available comments.


Overview

Mission Statement

We help FinTech startups access data and build great products.” The FinTech Sandbox mission demonstrates our sharp focus on product development. Expanding diversity in FinTech is embedded in this mission. Broad entrepreneurial leadership -- across race, gender, and geography -- leads to better product design and better decision making. We democratize data, leveling the playing field for all FinTech entrepreneurs. This is particularly critical to innovators who address financial inclusion challenges in low-income communities. We aim to make Boston THE leader in diverse FinTech entrepreneurship while expanding the potential of FinTech innovation to improve people`s lives and build out the ecosystem in nontraditional locations.


 


Background Statement

The financial services industry has historically focused on meeting the needs of large institutions and economically-advantaged individuals. As a result, 8 out of 10 small businesses are denied access to working capital and approximately 50 million Americans rely on alternative financial providers, such as pawn shops and check cashers, for their banking needs. Some argue that for the financial services industry to pursue any other path carries too much business and regulatory risk. That is, until now. Entrepreneurs are stepping up to fill the gaps left by the traditional dominance of large financial institutions. Innovators are deploying technology and building scalable solutions to meet needs across the entire economic strata, such as improving lending models for small businesses, expanding financial inclusion for low-income families, and creating solutions for small towns to tap the bond market for capital as efficiently as their large city counterparts. Though the opportunity to fundamentally change people’s lives is clear, product adoption for financial technology (FinTech) solutions has inherent challenges. Furthermore, FinTech’s disruption of financial services creates an essential opportunity to diversify leadership and shape this growing sector early on.

A group of Boston-based leaders saw firsthand how would-be FinTech entrepreneurs are hamstrung by high entry costs and data inaccessibility. How does a new start-up build and test products without the necessary data, which costs millions of dollars? In 2015, we launched FinTech Sandbox to overcome these challenges and support the next generation of FinTech entrepreneurs. We provide free access to critical, proprietary datasets and a network of pioneering financial services firms to test, coach, and adopt new products. We have helped start-ups effectively use emerging technologies like artificial intelligence, natural language processing, and quantitative analytics to build life-changing financial solutions. Instead of taking an equity stake or fee, we require all members to contribute to shared learning that boosts innovation within Boston’s FinTech sector. Our 150+ resident and alumni startups and 42 data/technology partners provide community networking, technical assistance, and proprietary data access. We support diversification of FinTech leadership, the pursuit of financial inclusion focused products, and economic development in new ecosystems in non-traditional locations.


Impact Statement

FinTech Sandbox launched in 2014 and became a 501c3 in 2017. We’ve supported 150+ startups, partnered with 42 data/platform partners, and built a FinTech community of 7000+ members. We recruit and increase visibility of startups led by women and entrepreneurs of color, to build an inclusive Boston-based FinTech ecosystem. Our accomplishments reflect this commitment:
* As a women-led nonprofit, we support a community where, according to a 2018 survey of 73 startups, 42% have women in leadership and 34% are managed by leaders of color, in contrast with the tech sector: “Of CEOs at venture-backed tech startups, only 3% are female; fewer than 1% are Black; and fewer than 1% are Hispanic,” (CFSI 2017).
* Our startups created 400 new FT positions, including MA-based startups that employ 100+ people. These enterprises, with 30+ local startups, raised $400+ million since 2015.
* We construct equitable panels and highlight challenges for under-represented groups in FinTech. For example, while one woman founder presented on Demo Day 2015, we increased this by 54% in 2018. Recent presentations include: Women in FinTech; Women in Blockchain, and Disrupting the Consumer Debt Market: Harnessing AI’s Power for Social Impact. Our goals include partnerships with nonprofits that diversify other sectors, including: Hack.Diversity to support coders and developers of color and She+Geeks Out for trainings for inclusive organizational processes. These also impact our internal structure as we improve our inclusivity in leadership, onboarding, and outreach.
* We support products for underserved consumers and small businesses in low-income communities. We are developing a new transactional data model focused on individual consumers to facilitate financial inclusion solutions.
* Our data is virtual, enabling innovators anywhere build products tailored to their communities. Without reliance on established hubs like New York, we exponentially expand entrepreneurial opportunities in FinTech.


Needs Statement

* Given the lack of representation across the FinTech sector, FinTech Sandbox supports increased entrepreneurial and hiring opportunities for highly skilled women and people of color, to expand leadership diversity in FinTech. Furthermore, we support inclusive practices within individual organizations, including FinTech Sandbox

* Given the lack of incentive within the current fintech entrepreneurial sector for startups to address social problems, FinTech Sandbox is working to expand our portfolio of community-facing startups and to build out incentives to address critical financial inclusion needs.

* Given the virtual nature of our data provision, FinTech Sandbox works to expand FinTech ecosystems and startup support in non-traditional locations, including smaller cities and rural areas.


CEO Statement

FinTech innovation will continue to be a driving force of change across financial services with the potential to fundamentally alter the landscape of banking, small business and individual lending, consumer debt, and expanded financial inclusion. FinTech Sandbox is a pivotal partner for new startups in this space, providing access to essential data and networking resources to bring game changing products to life. Further, we support women and leaders of color in fintech entrepreneurship at a rate thirty times higher than the technology sector overall. Whether propelling product development that supports marginalized communities, helping startups contribute to local and regional economic development, or advancing the visibility and success of under-represented entrepreneurs, FinTech Sandbox is altering the FinTech sector, one innovation at a time.


Board Chair Statement

--

Geographic Area Served

GREATER BOSTON REGION, MA
NATIONAL
INTERNATIONAL

The headquarters for the FinTech Sandbox is in downtown Boston, Massachusetts, however, we serve startups wherever they are located.
Currently, approximately 30% of our resident and alumni startups are located in Boston and the majority are located in the continental US.
In addition, FinTech Sandbox-organized events primarily are held in Boston, MA such as the annual FinTech Week and Demo Days.

Organization Categories

  1. Community Improvement, Capacity Building - Economic Development
  2. -
  3. -

Independent research has been conducted on this organization's theory of change or on the effectiveness of this organization's program(s)

No

Programs

Data models

We provide access to proprietary data sets which would otherwise be inaccessible to small startups and entrepreneurs seeking to develop new FinTech products. With partner with 42 institutions that provide data and infrastructure support, including State Street, TransUnion, Amazon Web Services, and AP.
Budget  --
Category  Employment, General/Other
Population Served US
Program Short-Term Success  With 42 data and infrastructure partners, we have supported more than 150 startups in product development. Our startups subsequently have secured more than $400million in investments and created over 100 new jobs in Boston alone.
Program Long-Term Success  .
Program Success Monitored By  --
Examples of Program Success  .

Visibility

We convene startups, financial institutions, thought leaders, and other stakeholders to Boston each fall for Boston FinTech Week, with more than 4000 attendees and over 40 events. Throughout the year, we host FinTech Meetups and other visibility opportunities such as Demo Days for startups to share their products with potential investors and customers. We connect entrepreneurs with each other as well as potential partners to build a robust FinTech community within Massachusetts and across the US.
Budget  --
Category  Employment, General/Other
Population Served US
Program Short-Term Success 
Measured through:
* Participation #s in events,
* Number of proofs of concepts that occur through FinTech Sandbox introductions,
* Number of startups and data/infrastructure partners involved in each event
* Panels
* Increase in investment/customers and product adoption rates
*
Program Long-Term Success  .
Program Success Monitored By  --
Examples of Program Success  .

CEO/Executive Director/Board Comments

--

Management


CEO/Executive Director Ms Jean Donnelly
CEO Term Start Jan 2015
CEO Email jdonnelly@fintechsandbox.org
CEO Experience Jean Donnelly is the FinTech Sandbox Executive Director who comes from Fidelity Investments, GE Capital, and EnerNOC. With a background in insurance operations and process excellence in both financial services and clean tech, she has worked in both small startups as well as established industry makers. BA in Engineering, Rensselaer Polytechnic Institute, and MBA, University of Endinburgh.
Co-CEO --
Co-CEO Term Start --
Co-CEO Email --
Co-CEO Experience --

Former CEOs and Terms

Name Start End
-- -- --

Senior Staff

Name Title Experience/Biography
-- -- --

Awards

Award Awarding Organization Year
-- -- --

Affiliations

Affiliation Year
-- --
Member of state association of nonprofits? No
Name of state association --

External Assessments and Accreditations

External Assessment or Accreditation Year
-- --

Collaborations

--

CEO/Executive Director/Board Comments

FinTech innovation will continue to be a driving force of change across financial services with the potential to fundamentally alter the landscape of banking, small business and individual lending, expanded financial inclusion, capital markets, and xyz. FinTech Sandbox is a pivotal partner for new startups in this space, providing access to essential data and networking resources to bring game changing products to life. Further, we support women and leaders of color in fintech entrepreneurship at a rate thirty times higher than the technology sector overall. Whether propelling product development that supports marginalized communities, helping startups contribute to local and regional economic development, or advancing the visibility and success of under-represented entrepreneurs, FinTech Sandbox is altering the FinTech sector, one innovation at a time.

Foundation Comments

--

Staff Information

Number of Full Time Staff 3
Number of Part Time Staff 0
Number of Volunteers 0
Number of Contract Staff 5
Staff Retention Rate % --

Staff Demographics

Ethnicity African American/Black: 0
Asian American/Pacific Islander: 0
Caucasian: 3
Hispanic/Latino: 0
Native American/American Indian: 0
Other: 0
Other (if specified): 0
Gender Female: 2
Male: 1
Not Specified 0

Plans & Policies

Organization has Fundraising Plan? Under Development
Organization has Strategic Plan? Under Development
Years Strategic Plan Considers --
Management Succession Plan --
Business Continuity of Operations Plan --
Organization Policies And Procedures Under Development
Nondiscrimination Policy Yes
Whistle Blower Policy Yes
Document Destruction Policy --
Directors and Officers Insurance Policy --
State Charitable Solicitations Permit --
State Registration --

Risk Management Provisions

--

Reporting and Evaluations

Management Reports to Board? Yes
CEO Formal Evaluation and Frequency N/A N/A
Senior Management Formal Evaluation and Frequency N/A N/A
Non Management Formal Evaluation and Frequency N/A N/A

Governance


Board Chair Mr David Jegen
Board Chair Company Affiliation F-Prime Capital
Board Chair Term Jan 2014 -
Board Co-Chair David Jegen
Board Co-Chair Company Affiliation F-Prime
Board Co-Chair Term Jan 2014 -

Board Members

Name Company Affiliations Status
Sarah Biller State Street Voting
Robert Bishop Procter Goodwin Voting
David Jegen F-Prime Voting
Mona Vernon Thomson Reuters Voting

Constituent Board Members

Name Company Affiliations Status
-- -- --

Youth Board Members

Name Company Affiliations Status
-- -- --

Advisory Board Members

Name Company Affiliations Status
Sean Belka Fidelity --
Mike Blalock Intel --
Dinesh Chheda Retired --
John Fawcett Quantopian --
Jack Klinck Hyperplane --
Scott Mullins Amazon Web Services --
Doug Nelson Long Ridge Equity Partners --
Bill Schnoor Goodwin Procter --

Board Demographics

Ethnicity African American/Black: 0
Asian American/Pacific Islander: 0
Caucasian: 4
Hispanic/Latino: 0
Native American/American Indian: 0
Other: 0
Other (if specified): 0
Gender Female: 2
Male: 2
Not Specified 0

Board Information

Board Term Lengths 2
Board Term Limits 0
Board Meeting Attendance % 75%
Written Board Selection Criteria Under Development
Written Conflict Of Interest Policy Yes
Percentage of Monetary Contributions 100%
Percentage of In-Kind Contributions --
Constituency Includes Client Representation No

Standing Committees

    --

CEO/Executive Director/Board Comments

FinTech innovation will continue to be a driving force of change across financial services with the potential to fundamentally alter the landscape of banking, small business and individual lending, expanded financial inclusion, capital markets, and xyz. FinTech Sandbox is a pivotal partner for new startups in this space, providing access to essential data and networking resources to bring game changing products to life. Further, we support women and leaders of color in fintech entrepreneurship at a rate thirty times higher than the technology sector overall. Whether propelling product development that supports marginalized communities, helping startups contribute to local and regional economic development, or advancing the visibility and success of under-represented entrepreneurs, FinTech Sandbox is altering the FinTech sector, one innovation at a time.

Foundation Comments

--

Financials


Revenue vs. Expense ($000s)

Expense Breakdown 2017 (%)

Expense Breakdown 2016 (%)

Expense Breakdown 2015 (%)

Fiscal Year Jan 01, 2019 to Dec 31, 2019
Projected Income $535,000.00
Projected Expense $535,000.00
Form 990s --
Audit Documents

2017 Audited Financial Statements

IRS Letter of Exemption

IRS Letter of Determination

Prior Three Years Total Revenue and Expense Totals

Fiscal Year 2017 2016 2015
Total Revenue $829,738 $505,427 $395,000
Total Expenses $405,852 $477,858 $376,500

Prior Three Years Revenue Sources

Fiscal Year 2017 2016 2015
Foundation and
Corporation Contributions
$828,438 $505,427 $395,000
Government Contributions $0 $0 $0
    Federal -- -- --
    State -- -- --
    Local -- -- --
    Unspecified -- -- --
Individual Contributions -- -- --
Indirect Public Support -- -- --
Earned Revenue $1,300 -- --
Investment Income, Net of Losses -- -- --
Membership Dues -- -- --
Special Events -- -- --
Revenue In-Kind -- -- --
Other -- -- --

Prior Three Years Expense Allocations

Fiscal Year 2017 2016 2015
Program Expense $314,707 $367,950 $289,905
Administration Expense $91,145 $109,907 $86,595
Fundraising Expense -- -- --
Payments to Affiliates -- -- --
Total Revenue/Total Expenses 2.04 1.06 1.05
Program Expense/Total Expenses 78% 77% 77%
Fundraising Expense/Contributed Revenue 0% 0% 0%

Prior Three Years Assets and Liabilities

Fiscal Year 2017 2016 2015
Total Assets $535,609 $47,819 $16,674
Current Assets $534,409 $46,619 $16,074
Long-Term Liabilities $0 -- --
Current Liabilities $12,149 $3,575 --
Total Net Assets $523,460 $44,244 $16,674

Prior Three Years Top Three Funding Sources

Fiscal Year 2017 2016 2015
1st (Source and Amount) -- --
-- --
-- --
2nd (Source and Amount) -- --
-- --
-- --
3rd (Source and Amount) -- --
-- --
-- --

Financial Planning

Endowment Value --
Spending Policy --
Percentage(If selected) --
Credit Line Yes
Reserve Fund Yes
How many months does reserve cover? 6.00

Capital Campaign

Are you currently in a Capital Campaign? No
Capital Campaign Purpose --
Campaign Goal --
Capital Campaign Dates -
Capital Campaign Raised-to-Date Amount --
Capital Campaign Anticipated in Next 5 Years? --

Short Term Solvency

Fiscal Year 2017 2016 2015
Current Ratio: Current Assets/Current Liabilities 43.99 13.04 inf

Long Term Solvency

Fiscal Year 2017 2016 2015
Long-term Liabilities/Total Assets 0% 0% 0%

CEO/Executive Director/Board Comments

Our financials went from cash basis to accrued. The revenue for 2017 includes revenue for two years (e.g. sponsorship for two year duration, but paid and recorded in year one). As a result, 2017 financial statement includes revenue to be expended in 2018.

Foundation Comments

Financial summary data in the charts and graphs above is per the organization's audited financial statement for FY17 and per the organization for FY16 and FY15. Please note, this organization received its nonprofit status from the IRS in early 2017, additional documents will be posted as they become available.

Documents


Other Documents

No Other Documents currently available.

Impact

The Impact tab is a section on the Giving Common added in October 2013; as such the majority of nonprofits have not yet had the chance to complete this voluntary section. The purpose of the Impact section is to ask five deceptively simple questions that require reflection and promote communication about what really matters – results. The goal is to encourage strategic thinking about how a nonprofit will achieve its goals. The following Impact questions are being completed by nonprofits slowly, thoughtfully and at the right time for their respective organizations to ensure the most accurate information possible.


1. What is your organization aiming to accomplish?

FinTech Sandbox breaks down barriers to FinTech entrepreneurship and champions entrepreneurs who are women and people of color to diversify Boston’s FinTech ecosystem and build better products. To accomplish this, we provide access to hard-to-get data, and leverage our deep startup and financial institution networks. Our ultimate goal is to create better financial products including those that expand financial inclusion for underserved communities, to develop a more inclusive financial services industry, and to spur job growth and economic development.

2. What are your strategies for making this happen?

We provide access to otherwise inaccessible proprietary data, leveling the fintech playing field for diverse entrepreneurs and catalyzing innovative products that serve the underbanked and small businesses. Furthermore, our unparalleled networking and visibility opportunities enable proof of concept collaborations, beta testing, and similar partnerships between founders, financial institutions, and potential investors.

1. Data models: With 42 data and infrastructure providers, startups access a broad range of data tools. We are currently working on a transaction level data model to facilitate better products for individual consumers and better address issues of financial inclusion and consumer debt.
2. Boston FinTech Week and other FinTech events: We have created an umbrella FinTech Week in Boston that serves more than 4000 participants, enables exchanges on industry challenges, and highlights diverse entrepreneurs and new startups.
3. Demo Days: Our sought-after Demo Days provide opportunities for startups to share their products with potential investors and customers
4. Build Beta: We matchmake startups and financial institutional partners to test products.

5. Meetups: We bring experts to Boston to speak on FinTech challenges and critical issues for the field.

6. FinTech Sandbox GitHub
7. Slack and other online communities
8. Startup coaching and technical assistance


3. What are your organization’s capabilities for doing this?

Formed by Boston leaders in financial services, FinTech Sandbox has deep roots and connections across corporate and entrepreneurial sectors, positioning our organization to identify promising startups in the fintech sector and provide unique access to necessary data, networks, and resources to build, test, and make innovative new products market-ready. These assets include our staff and board of directors, who have combined over 100 years of experience in financial services and technology. Our partners include key institutions and data providers such as Fidelity and State Street. Our team of advisors includes leaders from established financial services institutions and fintech startups.

4. How will your organization know if you are making progress?

FinTech Sandbox is actively expanding its portfolio of startups that address social problems in new ways, particularly financial inclusion for underbanked populations. Across the financial services sector, currently there is little incentive for fintech companies to focus on low-income households and small business development. Because FinTech Sandbox removes data barriers that hinder development of new tools and products for these startups, a key benchmark for our progress is indicated by our expanding data offerings, particularly those that provide transactional consumer level data and alternative data sources. A second key signifier is defined by the startups themselves and the products they bring to market. We track startup growth to understand their economic impact regarding job creation, financial investments, and how products promote financial independence. We also track diversity of leadership within our startup residents and alumni, while methodically building out visibility opportunities for women and entrepreneurs of color across our events. Subsequently, the increasing diversity in fintech leadership among our community of startups another indicator of progress. Finally, we look at job creation and similar metrics in key areas, particularly Boston, as a measure of economic development.

5. What have and haven’t you accomplished so far?

We have supported more than 150 startups, connecting them with over 40 data and platform partners. Through this work, more than $400 million has been invested in these small businesses, creating over 100 jobs in Boston alone. Nearly 1/3 of our startups have focused on individual and small business solutions, including protecting seniors from financial scams, expanding financial inclusion for new immigrants, and improving access to small loans. Our startups are led by women and entrepreneurs of color at a rate that is many times the industry average. We host regular Demo Days and FinTech Weeks with thousands of participants annually. Our Sandbox community reaches more than 7000 entrepreneurs, financial industry leaders, and developers and our robust online community.
 
We are working towards our 2019 goal to build a transactional level data model to create better FinTech products that serve individuals in underbanked communities. Our current work in early 2019 entails designing the model and securing key partnerships.