Market data firm IHS Markit and global venture capital firm Illuminate Financial Management LLP, both based in London, U.K., announced a new joint venture program on Thursday that will provide financial technology (fintech) startups with free, or low-cost, proprietary capital markets data.
Illuminate will screen firms that apply to the program based on their business plans, data needs, funding requirements, management and development teams. Companies selected for the program will be licensed to receive select fixed-income and equity market datasets from IHS Markit.
“High-quality market data are the building blocks of financial services technology, but access can be costly for early stage companies,” says Sally Moore, managing director and head of strategic alliances at IHS Markit, in a statement. “This program removes that barrier and helps the next generation of fintech startups accelerate the product development cycle and bring more innovation to our market.”
“We know from experience working with and investing in fintech startups that access to market data is make or break for an effective product research and development,” adds Mark Whitcroft, founding partner at Illuminate Financial, in a statement. “Our mission is to help promising companies bring new technologies and new thinking to the financial sector and we are excited to work with IHS Markit to promote innovation in the capital markets industry.”