5 Things You Should Know When Starting a Fintech Company
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FinTech is hot. Thinking of starting a fintech company?Chances are you will need some market data. And you may find those five tips helpful.
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5 Things You Should Know When Starting a Fintech Company
- 3. FINTECH 0 50 100 150 200 250 $M $250M $500M $750M $1,000M $1,250M $1,500M $1,750M $2,000M 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4 2013 Q1 2013 Q2 2013 Q3 2013 Q4 2014 Q1 E Funding Deals Source: CB Insights EVOLUTION OF FINTECH DEALS BY QUARTER There was more money invested in the first quarter of 2014 than in all of 2006 (when we raised our first round). Good timing!
- 4. Or have you already jumped? Then remember this…
- 6. CHANCES ARE YOU WILL NEED MARKET DATA
- 7. LEARN Market Data •Quotes •News •Benchmarks Reference Data •Fundamentals •Financials •Analytics Master Data •Identifiers •Classification •Corporate Actions Historical Data •Valuation •Time Series •Tick Data Equities Funds/ETFs Futures Options Bonds Forex Metals Benchmarks Derivatives ASSET CLASSES TIMELINESS Lowlatency Real-Time Delayed EndofDay Historical DATA TYPES DELIVERY OPTIONS Files Feeds APIs If you come from the industry, you probably know quite a bit already. But what made sense when you worked at that big bank may not work for your startup. Ask your vendor to help you out.
- 8. NOT v
- 9. SCRAPE AT YOUR OWN PERILS Do you really want to start on your path to entrepreneurship success by stealing intellectual property? And do you really think your investors won’t mind?
- 10. DON’T GET CAUGHT WITH YOUR PANTS DOWN
- 12. RECEIVE DISPLAY Delay (Delayed Quotes/Real-Time Quotes) Depth (Last Sale/BBO/Level 2/Depth of Book) Breadth (Single Exchange/Consolidated Tape) Source (NYSE/NASDAQ/BATS/etc.) Type of User (Pro/Non-Pro) Usage (Display/Non-Display/Wallboard/Web/etc.) Control (Control of Access/Control of Display) You become a distributor for the exchange. As a distributor, you may need to sign an agreement and pay licensing fees. Those fees depend on: Exchange agreements and fees make up a complex domain with many changing rules, options, and significant cost implications. Choose a data vendor that will take the time to help you chose what is right for your business.
- 14. DATA HAPPY • Whether you are building a new platform, web site, or mobile app, the temptation is high to integrate tons of market data in your V1.0 in order to fuel growth and beat the competition. • This may work but also can be overkill • Just make sure you meet 80% of your market requirements in V1.0. • But don’t get far under 80%, or your product may not stick • That’s just good product management 70% 75% 80% 85% 90% 95% 100% V1.0 V1.1 V2.0 V2.1 DATA COVERAGE VS MARKET NEED BY VERSION O V E R K I L L
- 16. TIP • Not all data sets are created equal. • Neither are all APIs. • APIs that seemed cheap on the surface could waste tons of your time and money during implementation once you dig in. Time and money you just don’t have. • Beware of legacy solutions that will have you build infrastructure instead of focusing on your own product and value-dd. • Look under the surface. Don’t assume data will be easy to integrate until you try. Try those APIs before you buy. Be demanding with your vendor.