But there's another segment of fintech aimed at serving, not unseating, the legacy players of finance. In doing so, they often have to fuse tech hype with old-school Wall Street sensibilities.
"The impetus for Truvalue was going back to business school, after having participated in three startups from start to finish," said Bartel. When looking for an ESG investment, it's hard to know how environmentally or socially responsible a company actually is. The data is often self-reported, and relies on analysts to review and update it.
Before raising a Series A, Bartel wanted more credibility. So Truvalue hired a chief marketing officer and chief data and analytics officer who both previously worked at Thomson Reuters, and a chief financial officer with more than 25 years of experience. "We really spent on building a technology stack and understanding the intricacies of fintech and capital markets-grade data sets," said Bartel.
Fintechs building data platforms need to think about backtesting, audit trails, and application across markets and indices, he said."One of the key challenges I still struggle with as an impatient entrepreneur is looking at the sales cycles and looking at the herd mentality in the capital markets industry," said Bartel.
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