The Fintech 5 is a series of blog posts consisting of questions and answers designed to help you get to know the people in the Fintech Sandbox community.
Ashlyn Lackey is a Director on the Emerging Technology team at Prudential Financial. In this role, she works with business units to identify compelling technologies and startups for potential partnership.
Ashlyn is a mentor for the Global Insurance Accelerator and in the mentor pool for RevTech Labs, two of our accelerator partners. She has also participated at Mass Fintech Hub events as a speaker on the future of insurance innovation. Ashlyn was previously named to Innovate Finance’s Women in Fintech Powerlist for her involvement in the fintech ecosystem.
#1. Ashlyn, what fintech problem has your attention right now?
One fintech problem that has my attention is something I’m calling ‘The Widow’s Windfall,’ where women, who typically outlive their partners, inherit, and manage significant wealth before it moves to the next generation. Despite this, the wealth management industry remains heavily male-dominated, with few tailored strategies for advising and retaining female clients. I’m particularly interested in fintech solutions that address this gap — whether through financial planning tools, education, or advisory models that better support women navigating wealth transitions.
#2. What Trends in Fintech are you most excited about?
There is one technological and one structural trend in fintech that I’m excited about.
First, agentic AI for hyper-personalization, which holds incredible potential for large financial institutions (FIs). As AI increasingly takes on customer-facing roles, these institutions are at a crossroads: How do you automate everything for scale while still maintaining that deeply personal, human touch that customers value? In industries like insurance, where companies have historically prided themselves on close relationships — whether sitting at kitchen tables or hand-delivering life insurance payouts — there’s a challenge in preserving that ethos. I’m excited to see how AI can evolve to embody a company’s personality, making interactions feel personal and empathetic, while automating large volumes of customer engagement without sacrificing warmth or trust.
The structural shift I’m excited about is the growing collaboration between governments, financial institutions, and fintechs. It’s helping to standardize regulations and create better infrastructure across the board. States like Utah and New Jersey are great examples of this in action — Utah’s fintech initiatives have made huge strides in creating a supportive environment for growth, and New Jersey is doing its part with the development of programs like those at Stevens Institute of Technology. On top of that, the rise of academic programs focused on fintech over the last decade has built a stronger talent pipeline and fostered more innovation between the public and private sectors.
#3. What are some of the biggest learnings from your career journey in fintech and/or entrepreneurship?
One of the biggest lessons I’ve learned in my career — whether in fintech or entrepreneurship — is that the only opportunities are the ones you make. It’s easy to sit back and wait for the right moment or for things to fall into place, but I’ve found that the real breakthroughs happen when you go out and create your own opportunities. Whether it’s making connections, spotting market gaps, or just pushing through challenges, success really comes down to taking action, even when the path ahead isn’t obvious.
#4. What fintech founder / company are you keeping on eye on right now/think is working on something especially innovative?
Instead of zeroing in on a particular fintech founder or company, I’m more interested in how financial institutions (FIs) are thinking about spinning out innovative products or business units. In the tech world, it’s common for companies to spin out successful ventures — like Confluent, which spun out of LinkedIn in 2014 to commercialize Apache Kafka, or Microsoft spinning out cybersecurity software firm Rubrik. What I find intriguing in fintech is the potential for FIs to do something similar. With their deep data, strong product backgrounds, and solid understanding of regulation, FIs have a unique advantage when it comes to building startups. It’ll be exciting to see how they use those assets to spin off new, innovative businesses that can stand on their own while still tapping into the rich resources of the parent organization.
#5. Hot take! What are your thoughts on AI in the industry? Are we about to see a major transformation? Is fintech the key to unlocking AI at scale for financial services? Overrated or underestimated? What are the biggest areas ready to be changed by AI in finance? What problems need to be solved? What’s here to stay vs passing trend? We want to hear your thoughts!
Right now, there’s a lot of tentative excitement around AI. A few months ago, Money 2020 and Acrew Capital put out a report that said 76% of financial services firms have announced some sort of AI initiative — and that is just what they are willing to publicly share. Leaders are now asking what the ROI of these projects have been. The true value of AI in finance isn’t just about fancy interactions — t’s about improving efficiency, enabling seamless customer experiences, and solving complex problems like data privacy and bias detection. While there will be passing trends, AI’s core potential lies in making financial services more effective and equitable for everyone.
Bonus question! What’s the most interesting thing you’ve read recently?
The Fintech 5 is a series of blog posts consisting of questions and answers designed to help you get to know the people in the Fintech Sandbox community.
Commonwealth is a national nonprofit that builds financial security and opportunities for financially vulnerable people through innovation and partnerships. These are interests we share. Through action-oriented innovation, Commonwealth is reshaping the financial industry to better serve individuals with low-to-moderate incomes (LMI) through collaboration with partners, policymakers, and employers on integrated solutions that transform communities and strengthen the economy.
Commonwealth collaborates with industry leaders to launch cutting-edge financial tools, security benefits, and transformative technologies to drive widespread adoption to create lasting change in financial security and wealth-building. Commonwealth’s mission is to make wealth possible for all through systemic workplace, financial and fintech innovation, and next-gen tech solutions.
Their recent research and initiatives include:
Transforming Investor Identity, which offers insight into the ways in which the development of an investor identity can act as an enabler for beginner investors, conducted with support from the Nasdaq Foundation and in partnership with three leading financial platforms (Ellevest, Public, and Stash).
Generative AI and Emerging Technologies, a national survey report that offers actionable insights around larger trends in using generative AI, chatbots, and digital financial services.
Paula Grieco is a Senior Vice President at Commonwealth, where she oversees a number of the organization’s initiatives, including inclusive investing and financial AI, as well as strategic marketing and development. Paula spoke at Boston Fintech Week in October on the topic of emerging technologies, such as generative AI, and their practical use in retail investing and other financial service solutions.
#1. Paula, tell us about Commonwealth’s vision to have more than one million new low- and moderate-income investors by 2027, and to serve these investors responsibly.
Participation in capital markets is a proven driver of wealth creation. A growing body of research, both Commonwealth’s own and others, finds that people realize this—including and especially people living on low and moderate incomes (LMI), and that many want to participate and become investors. Yet there is an enormous gap between those who aspire to invest and those who actually participate in capital markets today.
We are embarking on a multi-year, national initiative to enable 1 million new investors—alongside a coalition of industry leaders committed to serving these new investors responsibly. This ambitious undertaking will showcase what is possible, demonstrate what we’ve learned, identify where and what policy actions are required, and foster new conversations about who can and should build wealth. Partnerships and sector collaborations are critical to effecting systemic change in the investing industry. Building the right coalition for this work is vital. The financial services industry will be critical to this coalition, as we see leadership and action by industry as the single most powerful lever of change. We welcome conversations with those entities looking to blaze new pathways for broader wealth creation.
#2. Why does Commonwealth want to get more college students interested in investing?
Actually, research demonstrates that college students are already interested in investing. We have a recent report where 80% of non-investor students from LMI backgrounds express a desire to invest. Commonwealth’s work is to ensure that this early investor market is recognized and served. Early investing presents an important opportunity for the 16.6 million undergraduate students enrolled at academic institutions and those who are recent graduates, providing a fundamental strategy for building long-term wealth and addressing pervasive racial and gender wealth gaps. Federal Reserve data shows white households hold on average eight times more wealth than Black households, with that figure growing to 17 times for the Millennial population and Gen Z.
However, despite an increase in the number of investors over the past decade, participation in capital markets remains lower among college students living on LMI, according to recent Commonwealth research.
#3. What are some of the barriers student investors from low- to moderate-income households encounter?
Commonwealth’s research reveals that while college students with LMI demonstrate an interest in capital market investing, they face significant barriers to building wealth. Our survey identifies three primary barriers that are likely to deter students with LMI from investing: fear of losing money, gender disparities, and knowledge gaps. These challenges highlight the importance of addressing the systemic concerns that may hinder college students with LMI and provide the necessary support to empower them.
Our work also offers areas of opportunity where industry leaders – financial institutions and fintechs, higher education bodies, and government—may play a role in fostering an inclusive investing ecosystem for college students with LMI. For financial institutions and fintechs, these include developing inclusive products tailored to the needs of these students and integrating streamlined technology features and positive messaging into educational resources and tools.
#4. What should we know about the potential of employer-provided student debt solutions?
Americans owe about $1.76 trillion in student loans, and one in four U.S. adults under the age of 40 has student loan debt. The average U.S. household with student debt owes $55,777. Clearly, student debt is a daunting issue for a significant portion of the population.
More than six in 10 people with student loans report that their student loan debt is a source of stress and emotional challenges (TIAA, 2020). Student loan repayment often takes priority over competing financial goals, preventing many Americans from building short-term savings or investing in retirement savings, and causing them to delay buying homes, getting married, and having children.
Employers can play a critical role in improving the financial well-being of their employees. Tens of millions of workers are feeling financial pressure and this financial stress is bleeding over into the workplace. In our research, we’ve found that nearly one-third of financially stressed employees say their finances are a detriment to their productivity. This is especially true for workers earning LMI. Yet, fewer than one-third of workers have access to workplace benefits that would help them manage critical financial needs. Employers can help build financial resilience for these employees with benefits like student debt assistance.
A 2021 survey by Betterment found that 74% of respondents would be likely to leave their job for an employer that offered better financial benefits; 24% overall, and 49% of Gen Z respondents, noted that student loan financial assistance or repayment programs could entice them to do so.
Many employers are offering student loan repayment assistance as a benefit to their employees to alleviate the student debt burden, and recent policies present new opportunities to do so. For example, the SECURE 2.0 Act allows employers to provide retirement contributions as a match for student loan payments, making retirement savings more possible for employees who are prioritizing paying off education loans.
Our research showed that 40% of respondents said student loan repayment benefits are very or extremely important to their overall employer benefit package. Asked to select the top three benefits they would participate in today if offered by their employer, 60% of respondents selected student debt relief; 47% selected an employer-sponsored retirement plan, and 38% selected an emergency savings solution.
By matching student debt payments with retirement contributions, workers may be able to double their 401(k) balances at retirement. In addition, focusing on student debt reduction and other benefits that address financial vulnerability such as emergency savings can help strengthen the health of the retirement plan benefit by increasing participation and reducing leakage from the plan.
#5. What is an “investor identity” and what can investment firms do to cultivate it among people who aren’t but could be investing today?
Tens of millions of Americans live paycheck to paycheck with little savings cushion and no meaningful wealth. This is a significant market of “regular working people” who want to save and invest, but are not well served today. This customer wants to invest in capital markets. They want to build wealth. However, there are barriers to their participation, creating a gap between desire and action. Investor identity is one of these barriers.
Investor identity refers to perceiving oneself as the kind of person that can or should invest, and that one belongs in the community of people who invest. It is the feeling that investing is “for me” rather than a space where a customer feels like an outsider. Our research showed that investor identity can be cultivated and developed over time: in fact, 71% of participants told us investing was easier than they thought once they got started.
With support from the Nasdaq Foundation, we launched the “Transforming Investor Identity Research Project,” a groundbreaking, national research and pilot program designed to expand the investing community and make it more inclusive. Over a year, we followed more than 850 beginner investors who each received $150 in seed funding to invest at one of three leading financial platforms: Ellevest, Public, and Stash. Our research unearthed what attracts, motivates, and sustains these new investors so they feel welcome in the wider investing community.
The project provides insight into how the development of an investor identity can allow new investors to fully take advantage of the wealth-building opportunities afforded by retail investing by overcoming initial feelings of doubt, discomfort, or not belonging.
Alongside the research, we created a toolkit for practitioners who would like to better understand investors earning LMI and apply best practices to how to enable and support the development of investor identity. All of our recommendations are based on the research and vary in the level of effort required from incremental, “low-hanging fruit” to new strategic initiatives.
These solutions correspond to each stage of the consumer journey (attract, activate, and retain). For instance, in the “attract” stage, you might use identifiers that address this group directly such as “new investors” or “first-time investors” along with warm, welcoming imagery and content that demystifies the investing experience. In the “activate” stage, consider providing opportunities for beginner investors to participate without the risk of feeling embarrassed through things like chatbots, individual live chats, dedicated webinars, and AI tools that provide safe spaces to ask questions.
#6. Which fintech problem or solution are you personally most interested in right now?
I’m actually really interested in two issues. Over 42 million households are living on LMI. I’m personally most interested in democratizing investing for these individuals who have traditionally been underserved by the investment ecosystem. While technology has expanded access in recent years, the gaps remain stark, particularly for Black, Latinx investors, and women.
Having conducted extensive research into the needs and wants of LMI investors, we’ve piloted human-centered solutions that we believe can increase access and close the interest/action investing gap: modest seed funding, access to quality products, relevant and actionable investing knowledge, and a fundamental shift in who we expect can and should be an investor. The next step is to use this growing body of evidence to drive action by financial service providers, by fintechs, by policymakers, and by people living on LMI themselves.
Second, I’m interested in how financial AI can be unlocked to transform financial security for those living on low to moderate incomes. As has been the case historically, next-generation technologies provide new and creative ways to improve financial security and opportunity for everyone, but they can also carry new risks if they’re distributed unevenly.
Financial services leaders, fintech entrepreneurs, social impact innovators, and others shaping the financial system can have a major impact on creating financial security through the thoughtful use of these technologies. Harnessing the power of AI to serve these previously untapped consumer segments also opens up potential new customer opportunities. This is a pivotal moment for innovators to expand and engage their customer base and bring more people into the financial system.
For instance, our Emerging Tech for All research initiative shows that conversational AI provides a key opportunity to improve access for households living on LMI. These households are nearly twice as likely to want to bank through in-person interactions, yet have significantly lower access rates to local bank branches. Conversational AI can provide the personalized and context-sensitive support this group seeks at scale in a way that has never been possible before. In a Commonwealth field test, we also found that a majority (57%) of LMI participants felt that using a chatbot positively impacted their financial situation.
That said, concerns about privacy and security remain barriers to engagement with conversational AI in finance. Overcoming these barriers through clearer communication and transparent policies will be an important part of building the kind of trust that will allow conversational AI to better support customer financial health.
Our 2024 national survey report, Generative AI and Emerging Technologies, additionally offers actionable insights around larger trends in using generative AI, chatbots, and digital financial services.
#7. If you could change one thing about the fintech ecosystem, what would it be?
Financial insecurity and wealth gaps remain widespread. They cause concern across the political spectrum, and they create social and economic harm. If I could change one thing it would be to ensure that the needs of financially vulnerable people are understood, visible, introduced early into relevant conversations, and integrated into solutions. To that end, in 2023, Commonwealth set a bold four-year strategic vision to drive systemic change in the workplace, in emerging technologies, and in financial services, enabling 10 million working families to build $15 billion in equitable financial security and wealth by the end of 2027. Commonwealth remains dedicated to achieving broad financial security and opportunity for all through continued innovation and partnerships.
Bonus question!What is the best career or life advice you have received?
Commit to your goal – but pair that commitment with adaptability in terms of how to reach this goal. You will inevitably encounter obstacles. The path to achieving a bold vision is rarely exactly as you planned it. I have found that a willingness and ability to pivot and to adapt, to be able to ask yourself, “How else might we do this?” or “What are our other options?” – is highly necessary to be effective.
Another bonus question! What’s the most interesting thing you’ve read recently?
I recently re-read “The Psychology of Money” by Morgan Housel. In the book, Morgan weaves historical and personal anecdotes on success and failures in capital markets as he shares both this theory on “the psychology of money” and evidence-based practical approaches to building wealth.
The Fintech 5 is a series of blog posts consisting of questions and answers designed to help you get to know the people in the Fintech Sandbox community.
Dev Worah is Senior Client Partner & Head, Capital Markets, Asset & Wealth Management at Slalom, a global consulting company. Dev has over 25 years of experience leading strategy and innovation initiatives. He works with both multinational firms and technology startups and is skilled at guiding financial services firms through business transformations.
Slalom is a sponsor of Fintech Sandbox and Boston Fintech Week.
#1. Dev, what can I do at a Slalom Element Lab?
At Slalom Element Lab, we offer a unique environment where our customers and technology partners can quite literally experience the future. It’s a hands-on space designed to push the boundaries of what’s possible with emerging technologies. We curate interactive experiences tailored to specific industry challenges, enabling our customers to explore and experiment with cutting-edge solutions in a tangible way. The Element Lab empowers customers to not just talk about innovation but to actively shape it. It’s where they can test-drive the latest technology in a high-powered environment, unleash their creativity, and build innovative energy into the DNA of their businesses.
For instance, the Slalom Element Lab can help a brokerage company reimagine, firsthand, how it interacts and services its clients, using technologies like agentic AI, extended reality (XR) and digital twins in context of its retail branches, contact centers, and digital service experiences. With just one half-day curated experience inside our lab, businesses can gain a deeper understanding into these emerging technologies, reset perceptions around what’s possible, and leave energized with a clear action plan on how best to start introducing new capabilities into their organizations.
#2. Which fintech problem or solution are you personally most interested in right now?
In wealth management, I’m passionate about scaling and democratizing access to sophisticated financial and estate planning. Traditionally, high-touch, concierge-level financial advice has been reserved for high-net-worth individuals, leaving most people to navigate complex financial decisions on their own. However, this creates a significant advice gap, hindering many people from reaching their financial goals.
The convergence of human-centered AI, open banking, and evolving regulatory frameworks offers a timely opportunity to bridge this gap and empower individuals to achieve their financial aspirations.
Imagine an AI-powered wealth management advisor—similar to a personal CFO—that understands your goals, preferences, and financial history. By analyzing data and interacting with you and your family, it provides personalized advice, proactive financial health monitoring, and goal-driven planning, all while collaborating closely with your trusted team of financial experts (e.g., attorneys, tax consultants). This digital advisor could leverage vertical LLMs trained on financial data and AI-driven platforms, becoming an always-available resource dedicated to your family’s financial well-being.
Both WealthTechs and incumbents are working toward this vision, and I’m excited to see how the space evolves over the next couple of years.
#3. Where are we in terms of AI adoption in financial services?
The financial services industry is undergoing a significant transformation driven by AI, though we are still in the early stages of adoption. As we enter 2025, forward-thinking firms are integrating AI solutions into their operations after seeing successful results from AI pilots. Our financial services customers are increasingly leveraging AI to boost efficiency, compliance, and customer experiences. Key applications include automating customer interactions with chatbots and virtual assistants, providing personalized financial advice, and streamlining processes like claims processing, mortgage approvals, and document analysis. AI also plays a crucial role in fraud detection, risk assessment, and regulatory compliance, ensuring security and adherence to evolving standards. In capital markets, AI is enhancing financial analysis, market insights, and algorithmic trading.
While there are challenges, such as data privacy, fairness in decision-making, and the integration of AI into legacy systems, organizations are overcoming these hurdles with a value-based prioritization approach. As these challenges are addressed, we can expect to see significant progress in AI adoption throughout the industry in 2025, unlocking even greater potential for innovation and growth.
#4.How has participation in Boston Fintech Week been beneficial to Slalom?
Slalom’s involvement over the last three years with Boston Fintech Week has delivered significant advantages, unearthing crucial insights into the latest industry trends, emerging technologies, and disruptive innovations impacting financial services. This frontline exposure not only enhances our understanding of where the industry is headed but also enables us to provide our clients with strategic guidance and innovative solutions that align with the rapidly evolving fintech landscape.
In fact, we have leveraged the Boston Fintech Week platform to invite our customers and key partners into more conversations, providing them with unique opportunities to explore potential solutions, connect with innovative startups, and gain a deeper understanding into the evolving fintech landscape. This has allowed us to continue to “bring more” for our customers, while also building a more vibrant fintech community in New England.
#5. What advice do you have for startups about partnering successfully with incumbent firms?
Startups often underestimate the complexity and priorities of enterprise-scale financial services firms. My advice is to focus on understanding the incumbent’s specific pain points and clearly demonstrate how your solution delivers measurable value. Find opportunities and quick wins to exemplify the value of your solution as early as possible. Adapt to their systems and regulatory environment, while approaching the partnership with flexibility and scalability in mind. Relationship-building is equally critical; take time to engage key stakeholders and align your goals with theirs. Finally, be prepared for a longer sales cycle—quick wins through pilots or proof of concepts can accelerate trust and open doors for deeper collaboration.
Bonus Question! What’s the most interesting thing you’ve read recently?
I’m not someone who usually reads books cover to cover, but here are two I’ve been diving into recently that have really stuck with me:
The Power of Regret by Daniel Pink has been a game-changer for me. It’s given me a fresh way to think about regret and how to respond to it. I’m excited to put Pink’s ideas into practice—learning from regrets and using them as a springboard for personal and professional growth.
Mindset by Carol Dweck is another fantastic read. Dweck does such a great job of explaining the power of a growth mindset and shares practical tips for embracing challenges, pushing through tough times, and turning failures into opportunities to learn. Her ideas are so helpful for work, relationships, leadership, and life in general.
The Fintech 5 is a series of blog posts consisting of questions and answers designed to help you get to know the people in the Fintech Sandbox community.
At Fintech Sandbox, we work closely with a select group of startup accelerators to complement their offerings with our financial data and infrastructure support. One of these is the Global Insurance Accelerator (“GIA”) which offers an immersive, 100-day accelerator program, with both in-person and virtual components, to startups that are building disruptive products and technologies for the insurance industry.
As Managing Director of one of the world’s top accelerators dedicated to insurance innovation, Dan Israel is responsible for identifying the startups capable of bringing fresh ideas to the ecosystem. The 2025 GIA cohort began work on January 8th.
Like Fintech Sandbox, the GIA is now over 10 years old. Based in Des Moines, Iowa (long known as an insurance hub in the U.S.), the GIA has attracted founders from five continents and invested over $3 million in early-stage companies.
#1. Dan, what do you look for in accelerator applicants?
When we review applicants, we’re looking for not only a company which is solving a real problem, but also a really great founding team. In fact, often times I’m looking at the founding team first. The drive for the solution, idea, and company has to come from the founders and if the founding team isn’t in it for the long haul, the idea almost certainly won’t work. We’re also looking for coachability and a desire to be mentored. Our program is mentor based – if that’s not something that a founder is looking for, they won’t find success in our program.
Beyond that, we’re looking to see that the company is solving a real problem facing insurance and financial services. In order to find long-term success, many of the companies who come through our program will look to partner with incumbent participants. If the founders aren’t solving a real problem or have a solution in search of a problem, it makes finding and engaging those partners incredibly difficult. The more closely aligned their solutions are to problems facing the trends of the industry today, the better opportunity for long-term prospects, and an increased likelihood of growth and success for the applicant both in our program and beyond.
#2. What stands out to you about your 2025 cohort?
I think what stands out this year is what has made the GIA unique for all the years that we’ve been in operations – the varied ideas and types of insurance that these founders are looking to touch. From health, to claim settlement, sports, and more, I continue to be impressed by the breadth of the ideas and problems that are being solved. I think one of the most unique things about our program is that while our cohort represents our Investors and Sponsors, they also represent some of the biggest trends facing the Insurance and Financial Services Industries today. Our Investors and Sponsors have a large role in helping to determine who becomes a part of our program and that has really paid dividends in ensuring that the founders have mentors and support available to grow and drive change.
Now that our program has started, I am also so excited about how well this group has come together as a cohort already. A big part of our program revolves around companies from different backgrounds and parts of this industry joining together on a shared journey. I’ve loved watching the founders from this group share stories and knowledge about their own journeys, their conversations with potential mentors, their struggles, and successes. These relationships will help to shape how these companies grow and its incredibly fulfilling to watch these interactions even early on in our process.
#3. What should we know about the relationship between the GIA and Drake University and the University of Iowa?
Part of the magic of the GIA is the utilization of our diverse group of partners, which includes these two impressive universities close to home. Our long-standing partnership with Drake University has allowed us to bring in Interns each Spring who work with our founders on real projects for their companies. This provides the interns with an opportunity to see a different side of insurance while giving the founders access to incredibly smart and talented students who are about to enter the insurance field.
More recently, we’ve cultivated a partnership with the University of Iowa where we’ve worked with the John Papajohn Entrepreneurial Center and Tippie College of Business to build out a co-branded course that our founders participate in as a core part of their 100-day experience. It takes portions of the very successful Venture School and Entrepreneurial Center curriculum and combines it with the Insurance and Financial Services specific knowledge to build an incredible foundation for their first days in our program and throughout their experience. These unique partnerships allow for cross collaboration opportunities for students, faculty, professionals, and founders to see all aspects of this industry and to push it forward together in new and exciting ways!
#4. What role does mentorship play in the GIA program?
Mentorship is truly the heart and soul of what we do at the GIA. Our mentors represent all different aspects of the industry – from incumbent participants (actuaries, claims leaders, senior executives, etc.), to founders, investors, lawyers, academics, and more. From our very beginning, our mentors have been the fuel that has accelerated the growth in our organization as well as the founders who have participated in our program. A key part of the value proposition for our investors and sponsors is the ability to gain prioritized access to our mentor program for their employees leading to enhanced employee engagement and growth as change agents.
Today, our mentor pool includes approximately 130 mentors, representing 65 different companies from in and around the entire industry. During the first three weeks of the 100-Day Program, each company is able to meet with roughly 75 of these potential mentors to determine fit and compatibility. Through a mutual matching process, each cohort company is ultimately matched with between 8–10 mentors that will work with them to help solve the 3–5 biggest challenges facing their companies. These relationships drive the deep insights, needed company pivots, potential partnerships, talent development, and growth opportunities that are required for the ideas and companies to grow. Our mentor program is distinct to the GIA and we are immensely proud of this world renowned and recognized program built over the last decade.
#5. If you could change one thing about the insurtech ecosystem, what would it be?
I’d love to make it easier for incumbent participants and founders/startups to partner together. Given the ever-evolving market conditions facing this industry, its more vital than ever that new ideas, innovations, and partnerships can be found. Firms like Fintech Sandbox and the GIA can play a role in helping to cultivate these new and innovative partnerships, and help to remove the barriers which can exist between market participants, and in my view, encourage willingness to try out new ideas and solutions. Hopefully this would lead to incumbents understanding that sometimes “No, this didn’t work” is a good answer, as knowledge was gained regardless. There is no shortage of amazing solutions and founders, the key is making sure that those who are solving real solutions and problems are able to find the right partners to bring those solutions to the market to improve the overall ecosystem.
Bonus question! What’s the most interesting thing you’ve read recently?
After a number of recommendations, I finally read Atomic Habits by James Clear and I appreciated his take on focusing on 1% improvements rather than always the end-game goal. Given the work that we do at the GIA, we’re often looking ahead to what’s possible and the “end-game” so this take and focus was refreshing and thought-provoking.
Also, I have annually read The Alchemist by Paulo Coelho. This was a recommendation from a mentor as a way to stay grounded and think about what matters and focusing on enjoying the journey along the way.
In this ongoing series of blog posts, we are introducing you to some of the sponsors, partners, advocates, and entrepreneurs who make up the unique Fintech Sandbox community, and without whom our small team could not provide fintech startups with access to critical data and resources, entirely for free.
Raul Peralta is CEO of Kaleidoscope which offers a powerful securities research platform that automatically surfaces business intelligence from SEC and SEDAR filings. Kaleidoscope uses data visualization technology and AI to help corporate executives and professionals in many industries make better data-driven decisions.
And Kaleidoscope is now our newest data partner, providing API access to a wide range of pre-defined and searchable securities datasets that have been extracted and aggregated from registered US and Canadian filings, including public companies, investment companies, funds, investment advisors, and US insiders.
Question #1: Raul, as a startup, Kaleidoscope took part in the Fintech Sandbox Data Access Residency in 2018. What was that like for the company?
Fintech Sandbox and its initial acceptance was crucial for our success. We received connections and data that we wouldn’t have had access otherwise and that were vital to fast track our product. From day one we also received plenty of support and mentoring as we worked to grow our product. The team has always been ready to help in any way they could and for an early startup that meant a lot for us.
#2: What made you want to become a data partner?
Early on because of the amount of support we received from Fintech Sandbox and its very nature, we knew that at some point we wanted to be able to give back to the community. We noticed there was a small gap on the data being provided to early startups and realized that this was the opportunity for us to jump in and help as much as we could.
#3: What fintech problem has your attention right now?
I know there is a lot of focus on Diversity and Inclusion within the industry. As it relates to me is all about Shared Collaboration. Fostering collaboration between fintech startups and traditional financial institutions is important. Collaboration can and will always lead to the creation of innovative solutions that combine the best of both, the agility of startups with the stability and resources of established institutions.
#4: How is Kaleidoscope using AI?
AI is very important on our industry and because of it we have and are investing heavily in it. In data extraction we use our in-house models to process and extract data from the vast amounts of text we have from filings, and we continue to refine them to get better metadata from the filings. We are also releasing soon our own chat-like agent using our data and models for clients to be able to use when looking for information from filings.
#5: If you could change one thing about the fintech ecosystem, what would it be and why?
If I could change one thing about the fintech ecosystem, I would focus on enhancing transparency through the use of AI. Transparency is essential for building trust and ensuring that users have a clear understanding of how their financial data is being used. By leveraging AI, fintech companies can provide users with more detailed insights into their financial activities, such as spending patterns, investment performance, and potential risks.
Bonus question! What’s the best career or life advice you’ve received?
Oh, the one advise I always keep thinking of and it helps in life and my career is from my father. “ …. There is ALWAYS room for improvement.” It’s funny because as we accomplish goals here at Kaleidoscope or just anything in life really, I just keep thinking well that’s great BUT … and it just motivates me to do more.
Another bonus question! What is the most interesting thing you’ve read recently?
I read all sorts of books, articles, etc., plus I enjoy listening to quite a few podcasts as well. But one that I just read recently and really enjoyed was “The Mysterious Case of Rudolph Diesel”. I knew about Diesel briefly, but the way this book was written it kept me engaged from the beginning to the end, maybe it’s the combination of the historical information but combined with a murder mystery that just kept me reading it to get to the ending fast.
While we may not know exactly how fintech will impact our future, we have an idea as to who will be leading the charge. In the next installments of our ongoing blog series, “The New Faces of FinTech”, we will spotlight some of the emerging leaders in the fintech world to get their thoughts on what the future of the industry will look like.
Their origin stories are different, their paths to entrepreneurship are unique, but their impacts on their respective industries are significant. No one truly knows what the future of fintech holds, but these industry leaders may have an inkling as to what we can expect.
Our next guest is Grishka Bonlong, Founder and CEO of London-based Tamsey. Tamsey is creating innovative solutions that will transform how payments are made globally. The Tamsey team is enabling low-cost international money transfers and payments that are also fast, safe, and secure for both individuals and businesses.
Grishka, tell us a little bit about your background. What were you working on before founding this company?
After obtaining my Engineering degree, I spent the next decade in banking during which I qualified as an accountant. I started my career in systems management and reporting, but then evolved into finance, risk management, and later treasury management.
Tell us a bit about your company? What’s the problem you’re solving?
Tamsey is a cross-border payment solution that specialises in solving two problems: (1) simplifying the process for individuals to send money home to their loved ones; and (2) reducing bottlenecks for businesses who pay salaries and suppliers abroad. The undergoing next phase of our evolution is focused on the African market, where our solution will significantly reduce the number of adults without access to formal banking services.
We are reducing the cost of doing business internationally while increasing the percentage of adults with access to digital financial services in Africa. According to the World Bank’s Global Findex Database, only 55% of adults in Sub Saharan African have access to digital financial services, which is substantially lower than the global average of 76%.”
What’s the origin story behind your company? How and why did you come up with the idea?
Being born and having lived in Africa has enabled me to experience how lack of access to reliable and convenient financial services can hinder economic prosperity. Tamsey was born out of the deep desire to contribute to the global democratisation of finance that has been enabled by technology.
Tamsey means “Together”, because we want to enable people to remain connected to what’s important to them, no matter where they are in the world. More importantly, we were motivated by contributing our efforts to the huge challenge of increasing financial inclusion in Africa. That is the reason why we started in remittance to get a detailed understanding of the global payment landscape, learning from what has worked and failed in other continents, to design practical solutions that sustainably democratise access to financial services in Africa.
What milestones has your company achieved so far?
We have registered more than five thousand users on our platform after having obtained licenses in the UK and Canada from the FCA and FINTRAC respectively. We have built a payment network that spans four continents. Our Tamsey For Business solution facilitates bulk payments to hundreds of recipients in just a few clicks. We are present in more than fifty countries in Africa, four countries in Asia. We have begun the pilot phase of our neobanking solution aimed at the African market.
Can you describe what it’s been like to be part of the Fintech Sandbox community?
Being part of the Fintech Sandbox community has been extremely rewarding first from a personal point of view because participating at events has enabled me to meet extremely talented and resourceful people that I continue to learn from. Access to timely and quality data is extremely important, especially due to the volatile nature of some fintech markets. I was able to connect with a Data Partner to discuss a potential partnership to access more accurate currency exchange rate data.
What’s next for your company?
In June 2023, McKinsey & Company published an economic research paper predicting that by 2050 Africa would add 796 million people to the global workforce and be home to the world’s largest and youngest population. Our existing payment network will help these workers receive their salaries on time regardless of where the employer is in the world. We are building a merchant payment solution that will make it easier for the rising African middle class to transact, consume, and travel.
What is some of the best advice you’ve received as a startup founder?
It doesn’t matter how many times you fall. The point is to get back up and keep going.
What fintech trends are you most excited about right now?
I’m very excited about the AI enabled liveness detection solution. They help reduce the cost of keeping the financial system safe, which is very positive.
What’s the most interesting thing you’ve read recently?
“Le Meilleur Médicamment, C’est Vous!” by Dr Frédéric Saldmann.
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We’re thrilled to feature some of the incredible entrepreneurs who are participating in our Data Access Residency. If you are aware of any fintech entrepreneurs with an early stage company who could benefit from free access to data, cloud hosting, and a supportive community, please have them visit our website to learn more.
The Fintech 5 is a series of blog posts consisting of questions and answers designed to help you get to know the people behind Fintech Sandbox and our Data Access Residency better.
Mass Fintech Hub is a public-private partnership comprising a network of fintech leaders, financial experts, academics, public sector leaders and venture capitalists who empower Massachusetts fintech startups to achieve success. It is an initiative under the Fintech Sandbox umbrella. Elizabeth Thomas joined as Program Director in 2022. Before this she worked in economic development with a focus helping fintech and tech companies scale internationally.
Question #1: What is your role with Fintech Sandbox?
Mass Fintech Hub Program Director.
#2: What fintech problem/solution are you focused on or most interested in?
My fintech passion is fintech as a solution for improving consumer financial health. I am thrilled when I learn about a solution tackling common problems such as financial literacy, consumer debt reduction, and credit building from a completely new angle.
In January, I will lead a virtual workshop introducing fintech as a vehicle for improved financial health as part of the Massachusetts Office of Economic Empowerment’s Worth & Wealth Seminars. You can learn more about the workshop here.
#3: What trends in fintech are you most excited about?
I am excited about the increasing fintech adoption and acceleration across industries. What was once a niche vertical is becoming a horizontal category. To quote Fintech Sandbox founder Sarah Biller, “Every company is becoming a fintech company”.
In the last few years, we saw new entrants into fintech from tech giants like Amazon and Google. Now we are seeing embedded finance solutions increasing across industries and platforms. More fintech opportunities will continue to reduce friction, time, and costs and increase benefits for the consumer.
#4: If you could change one thing about the fintech ecosystem, what would it be and why?
Our work at the Mass Fintech Hub is focused on accelerating the Massachusetts fintech ecosystem. We are working to unlock capital for new startups, increase corporate-startup collaboration, increase talent in the ecosystem, and enhance the visibility of the great things already going on in our ecosystem.
If I were to pick one thing to change, it would be to continue to increase opportunities for connections across the ecosystem in support of these goals. In November we released an Ecosystem Reassessment report in partnership with Mass Tech Collaborative authored by KPMG that surveyed the ecosystem to help us find ways to do just that. You can join our growing community and learn how to get involved here.
#5: Hot take! What are your thoughts on AI in the industry? Are we about to see a major transformation beyond chatbots? Is fintech the key to unlocking AI at scale for financial services?
At Fintech Sandbox we interview up to 6 fintech startups a week for the Data Access Residency program. In the last year, the number of startups we have seen with AI tools increasing efficiency, supporting decision-making and customer interaction in financial services has increased exponentially. We have a ways to go, but we are certainly on the brink of an exciting change in the industry.
Bonus Question! What’s the most interesting thing you’ve read recently?
I’m currently reading the Four Agreements, based on ancient Toltec wisdom and philosophy. My sister had recommended it and in an exciting coincidence, I subsequently came across it in a little free library stand around the corner from my house. Was it fate? I find it intriguing to learn how different cultures deal with common philosophical questions about how to live a happy and fulfilled life. And I love the metaphor introduced in the book of every person existing in their own dream that they have the power to change through simple actions.
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If you are a fintech entrepreneur with an early-stage company and you could benefit from free access to data, cloud hosting, and a supportive community, please visit our website to learn more!
