Intrinio was born from frustration and anger with the way financial data was packaged and sold. A few years ago, only those with the financial means (i.e. $10,000+ a MONTH) were able to afford and access financial data from one of the big five. We set out to change that.
Fast forward to 2018: Intrinio currently offers over 200 financial data feeds, including 17 real-time products, that can be accessed via WebSockets, REST APIs, and TCP Sockets, along with a variety of SDKs so that this data can be programmed in any language.
Our revolutionary data distribution methods aren’t the only thing that makes our financial data extremely accessible, it’s also our affordable pricing structure. This combination allows a variety of user types, from developers and quants to investors and students, to access data previously only accessible by the elite.
Making financial data accessible to the masses creates unlimited potential for the future of fintech. Now, developers’ and start-ups’ dreams aren’t crushed when it comes time to procure the financial data necessary for their app or vision. Intrinio makes that data affordable, accessible, and easy to work with.
And since Intrinio was the brainchild of two developers building their own start-up, we seek to support early stage companies by providing free access to a variety of our data feeds through our Developer Program. In addition to having this data access, we also promote participants’ products in our app marketplace and through our marketing efforts. Since the inception of this program in May 2017, there have been 126 start-ups accepted, with 82 apps launched, and 3 of those apps acquired.
As our user-base and number of financial data products we offer continues to grow, as does the need for a standardization in financial reporting and a sustainable environment that supports interoperability in fintech.
Currently, companies report their required information to the financial regulatory agencies in a variety of formats including paper, PDFs, and plain text HTML, rather than in one consistent format. This makes it nearly impossible for investors to retrieve actionable information, for regulators to utilize data analytics, and for the industry to have a streamlined and cost-effective reporting manner. We are working with fellow government data-focused companies to introduce the Financial Transparency Act, a reporting standard with known data standards such as common identifiers which will allow companies to be matched across different agencies and filings, as well as common formats which will allow submitted information to be electronically searched and displayed as open data for all to explore.
We’re also involved with the OpenAPI Initiative to create machine-readable interfaces. APIs are invaluable to our business model, our Developers Program members, and the software developers in any industry. APIs make interoperability between devices and programs possible and are the future of the fintech industry. OpenAPI will propel interoperability forward faster, as it is a standardized, vendor neutral description format that will allow both humans and machines to utilize the service without access to source code, documentation, or through network traffic inspection. Additionally, the OpenAPI spec can be used by documentation generation tools to display the API, code generation tools to generate servers and clients in various programming languages, testing tools, and more.
Fintech’s future is just getting off the ground, and Intrinio is committed to being at the forefront of working with the industry to promote policies and regulations that benefit start-ups, and fiercely oppose those that would harm the digital ecosystem. There are revolutionary ideas out there, and we think our product is one of them. It is our hope that revised reporting standards promote government transparency and structured data, and that open APIs encourage interoperability between fintech data and end users to power the next generation of financial apps created by developers and start-ups.