Intrinio: A Marketplace Providing Investors Affordable Datasets

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The use of data driven investment processes has definitely grown over the past few years as the growth of ETFs and other cost pressures has prompted a reevaluation of the asset management business.  As a result, a number of data marketplaces have sprung up to feed this growing appetite for data.  One such firm whose purpose is trying to provide investors and Fintech innovators with affordable high quality data is Intrinio.

Intrinio Profile

Recently, Integrity Research was working for a client to help them find a new source of data for their research process.  As part of our due diligence efforts we discovered a data vendor named Intrinio that not only collects and markets a number of datasets under their own brand, but that has also built a data marketplace – offering investors more than 250 unique datasets provided by numerous third-party data sources.  The following profile provides more background on the firm.

Provide general background on your firm. When were you founded, etc.

Intrinio was born from frustration and desire to change the future of the financial landscape. In 2012, the firm’s co-founders Joey French and Rachel Carpenter set out to create a valuation app. However, when it came time to power the app with the financial data it needed, they were astounded to discover that it was going to cost a whopping $20,000. No small price for a moderately sized company, and certainly out of reach for two young people sharing a studio apartment, doing anything they could to get their app off the ground.

This disheartening discovery quickly turned to frustration and anger with the financial data system, providing data only to those who had the means to afford it. From this, Intrinio emerged, and an idea that was temporarily out of reach pivoted to righting the wrongs of the financial data industry. The fact that the big five own 75% of the market share, leaving innovation by the wayside, was what they set out to change. By developing proprietary algorithms, teaming with smaller partners, and marketing financial data in a marketplace manner – where you choose only the feeds you need – they aimed to make data affordable and accessible for all.

What type of data, services and related technology does your firm provide? Outline the unique data elements an asset manager can receive from you that are not generally available from others?

Intrinio offers two primary data products: financial data feeds and bulk downloads. The Financial Data Marketplace lists 250+ data feeds with flexible licensing options. Bulk downloads are available for users who need a one-time download of historical data. Since the firm’s goal from day one has been making data accessible, they allow users to purchase individual feeds instead of overpaying for data they don’t need.

Many of Intrinio’s users have a need for their data but lack the technical resources to build out a platform to support it, so the firm also provides custom development services exclusively for Intrinio customers. They build applications, websites, widgets, and other tools to help clients get the most out of their data.

How much history can a client obtain from you? How frequently is this data updated?

History and frequency are highly dependent on the data feed. Some of the data feeds on the Initrinio marketplace have history back to the early 1960s. They offer some feeds in real time through their WebSocket platform, while others are updated daily or quarterly. Essentially, Intrinio updates data as frequently as updates are available.

Describe at least one “case study” of where your firm’s data, services or technology have proven to be predictive.

Intrinio data was used in a global data science competition hosted by Two Sigma and Kaggle. Participants built predictive algorithms to correlate movements in stock prices (with financial data provided by Intrinio) with news analytics data (provided by Thomson Reuters). The participant with the most accurate model won a grand prize of $25,000.

Who is your firm’s target market in the financial services vertical?

Intrinio primarily serves investment services firms (especially quant funds), fintech companies, and businesses that require data for their investor relations programs.

Who are some of your firm’s chief data competitors in the financial services market?

Crux Informatics, Quandl, Dawex, Xignite, AlphaVantage, IEX, Alpaca, Quote Media, Polygon.

What makes your firm different from other firms providing similar types of data, services, & technology?

Intrinio was in the position of needing data to launch a fintech application, only to find that they couldn’t afford to shell out tens of thousands of dollars to use a small amount of data. So, they dedicated themselves to becoming a one-stop-shop for financial data and giving others the opportunities and access they wished they had.

It’s also important to Intrinio to be more than a data provider. They’re a data partner. That means bringing together hundreds of data feeds under one umbrella and providing support through extensive documentation and live chat with their customer support team.

Who are a few cornerstone clients in the financial services market that use you?  How do they generally use your platform?

Intrinio partners with Harvard Business School and Stanford University to give students real-world experience with financial data. HubSpot and PayPal use their platform for their investor relations programs. Intrinio built a custom widget that runs on their data for the Houston Chronicle. Companies like Stocksholm and Threadvest used Intrinio data to launch their game-changing investment platforms.

What is your firm’s commercial model?  What is the price range for your service?

Intrinio offers both B2B and B2C services. Individuals can follow a self-signup model and access their data marketplaces, but they also help startups, enterprises, and academic institutions find data that meets their needs. Their prices vary widely, but most data products are available for individual sale. If all you need is end of day stock prices for the US, you pay for that feed – and nothing else.

What are a few of your firm’s next major targets/milestones?

In addition to bringing new data products into their marketplaces, Intrinio is always working to expand their offerings, especially for enterprise clients.

What are a few interesting facts about your firm?

The Intrinio team is bicoastal. Approximately half of their team is located in Colorado Springs, CO, and half is located in St. Petersburg, FL. This means a lot of video calls and a lot of Slack! But they still manage to work as one united team.

Contact information

Contact Intrinio at sales@intrinio.com.

 

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About Author

Mike Mayhew is one of the leading experts on the investment research industry. In addition to founding Integrity Research, Mike is on the board of directors of Investorside Research Association, the non-profit trade association for the independent research industry, and a frequent speaker on research industry trends and developments. Mike has over thirty years of research industry experience. Email: Michael.Mayhew@integrity-research.com

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