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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
QUODD has agreed to acquire fellow market data company Xignite.
Combined, the two companies will serve more than 2,200 firms, ranging from large banks and wealth management platforms to smaller digital investment tools.
QUODD said the purchase reinforces its commitment to become “the premier cloud-based global financial market data and content provider.” Company CEO Bob Ward added, “Xignite is well known for being an early adopter of delivering high-quality market data solutions via the cloud as well as for its extensive API-driven data catalog. I look forward to working with Stephane Dubois, CEO of Xignite, and his team to help us fuel our next chapter of growth delivering the most accessible and reliable data for our customers.”
Combined, Xignite and QUODD will serve more than 2,200 companies, ranging from large banks and wealth management platforms to smaller digital investment tools. QUODD will leverage Xignite’s technology to enhance its QUODD Fuel, which will integrate Xignite’s content catalog; and Universe+, which will leverage Xignite’s market data.
QUODD’s technology enables clients to stream, embed, look up, and download pricing data for global equities, fixed income, indices, options, futures, and end-of-day pricing for global mutual funds. The company is owned by NewSpring Holdings’ Financeware, a probability-analysis technology and marketing strategies provider, which acquired QUODD in 2019 for an undisclosed amount.
NewSpring Holdings has lofty ambitions for the Xignite buy. “Our goal for the combined organization is to create the industry’s leading provider in centralized market data augmented with superior customer service, anchored in the strength of long-standing relationships and supported by leading technologies, which is why this transaction was a perfect fit,” said NewSpring Holdings General Partner Jim Ashton. “2022 was another year of strong organic growth for QUODD and, combined with Xignite, we are continuing to raise the bar in transforming the digital adoption of financial data for market participants.”
Founded in 2000, Xignite offers market data APIs to its brokerage, wealth management, and fintech clients. The company’s APIs offer a range of market data– including real-time stock prices, historical stock prices, options prices, futures prices, mutual fund prices, ETF prices, foreign exchange rates, bond prices, and more. Combined, the company’s customers use Xignite’s APIs more than half a trillion times each month.
Leading market data API company Xignite launched its cryptocurrency API, XigniteCrypto API, this week.
The new offering helps wealth managers and brokers serve clients interested in trading or investing in digital assets.
The XigniteCrypto API provides real-time and historical data on more than 900 different cryptocurrencies.
Market data API provider Xignite has launched a new solution to help its broker and wealth management customers take advantage of the cryptocurrency revolution. This week, the San Mateo, California-based fintech introduced the XigniteCrypto API, the first API of its kind to combine the large and growing universe of cryptocurrency information with the stock, exchange-traded fund (ETF), and options data that brokers and wealth managers rely upon to serve their clients.
Xignite CEO and founder Stephane Dubois highlighted the challenge of working with cryptocurrencies for the average broker or wealth manager. “Cryptocurrencies tend to operate in their own world,” he explained. “This means that if you want to offer integrated equity, option, and crypto trading or analytics for your clients, you are going to have to cobble up a lot of heterogeneous data from many disparate sources, and that’s a pain.”
The new cryptocurrency API provides real-time and historical quotes for more than 900 different cryptocurrencies, including coins and tokens. The solution features unique API endpoints to help brokers and wealth managers engage digital traders and investors, and provides data and tools such as price alerts, historical charting, currency conversion, and news to help customers make sound trading and investing decisions using cryptocurrencies.
“With our new crypto API, you get the depth of coverage, the quality, and the reliability across all asset classes you need to grow your business – all in one integrated solution,” Dubois said.
A market data innovator for nearly two decades, Xignite launched the first commercial REST API and has since grown into one of the leading providers of market data API solutions to brokers, wealth managers, and fintechs. Today, the company’s APIs are used by 700+ companies more than 500 billion times a month to serve their digital investing clients. A Finovate alum since 2014, Xignite has raised more than $37 million in funding from investors including StarVest Partners and Japan-based QUICK.
Financial market data distribution and management solutions provider Xignite has launched a new set of market data management services to change the way businesses manage their data in the cloud. Xignite Enterprise Microservices is a suite of solutions that make it easier and more efficient for companies to store, distribute, manage, and control market data.
The microservices approach – embraced by Xignite in this latest offering – provides core functionality via a combination of “loosely coupled, independently deployable components.” Not only can these components work together or separately, but also they can be massively scaled at a very low cost. This compares favorably to legacy systems, which often consist of monolithic platforms that are more expensive, difficult to scale and manage, and typically not used at full capacity.
Xignite Enterprise Microservices runs on Xignite’s cloud-based architecture, which supports 250+ different data sources and 12 billion API calls daily for more than 750 clients in fintech and financial services. The vendor-agnostic solution has already been deployed by fellow Finovate alum NICE Actimize.
“We are incredibly excited to launch Xignite Enterprise Microservices, which we believe will truly revolutionize market data management,” Xignite founder and CEO Stephane Dubois said. “The culmination of over 10 years of nonstop innovation, we have taken the cloud-native architecture that has powered some of the world’s most prominent fintechs and scaled it to meet the unique requirements of institutional players that consume huge amounts of data but often have no way of integrating and optimizing it in an efficient and cost-effective way.”
The suite consists of seven cloud-native microservices tailored for both buy and sell-side firms, fintechs, and exchanges. These include:
Data Lake
Optimization
Entitlements and Usage
Reference
Historical
Real-Time
Fundamentals
Headquartered in San Mateo, California, Xignite introduced its data-as-a-service market data solution in 2006, and has been a Finovate alum since 2014. Recently, the company announced that it had enhanced its financial data cloud APIs to streamline delivery of news headlines and company earnings during the global public health crisis. This announcement followed news from the company that it was seeing “record demand” for its financial data during the pandemic.
“The past two-and-a-half months have been difficult both within our industry and in the wider world,” Dubois said. “It is reassuring to know that we’ve been a reliable source for our clients in these trying times. There is enough to worry about right now and nobody wants their market data providers to be a part of that.”
More than ten Finovate alums have earned spots on Fintech Global’s second annual Wealthtech 100 roster. The collection of companies is meant to represent the most innovative businesses operating in the wealth and asset space worldwide.
Companies were evaluated based on a variety of criteria ranging from industry significance and technological innovation to growth in capital raised and the ability of the company to save clients money, boost revenues, or increase efficiency. More than 1,200 companies were provided by Fintech Global to its judging panel of fintech analysts and industry experts.
“We’re thrilled to have made the WealthTech 100 list from Fintech Global,” Wealth Wizards said on Twitter after the news was announced. “There are some brilliant U.K. firms included.” Finantix and additiv also tweeted about the announcement this week.
Market data distribution and management solutions provide Xignite has scored a patent for the technology behind its CloudAlerts REST API. The patent recognizes the company’s innovation in developing real-time alerts based on pre-defined stock market conditions. This technology can be added to website or mobile apps by developers to provide users with real-time, automatic notifications on everything from price breakouts to volume surges via SMS, email or onscreen.
What’s unique about Xignite’s approach is the way it is able to deliver market data-driven user alerts at scale, incorporating both the wide variety of user preferences as well as processing a sizable volume of exception conditions in real-time. Fellow Finovate alum SoFi leverages Xignite CloudAlerts in its SoFi Invest service, using the technology to warn investors when a portfolio holding drops below critical levels.
“SoFi saw record investing activity last week during the coronavirus outbreak and that really tested our alerts system,” SoFi Trading and Investment Manager Samuel Nofzinger said. “Our customers value the alerts because they help them invest and protect their money better, especially in today’s volatile market.”
Congratulations to eXate Technologies. The U.K.-based cybersecurity firm – and FinovateEurope 2018 alum – earned a spot in Tech Nation’s Cyber 2.0 growth program. This year’s class marks the second cohort for the program, which is geared toward early-stage cybersecurity startups. Companies participating in the six-month accelerator get peer-to-peer learning with program mentors, masterclasses led by expert scale coaches, as well as meetups and networking with peers, investors, and potential clients.
Add Onfido to the list of Finovate alums that are pitching in to help organizations manage the COVID-19 pandemic. The company announced late last week that it is offering six free months’ use of its biometric identity solution to nonprofit organizations that are fighting the coronavirus. Nonprofits in healthcare, home care, and education are among those to benefit from the program, including a company that uses Onfido’s technology to verify completion of COVID-19 testing.
The Finovate Podcast is on fire! If you’ve not been able to keep up, here are links to the latest conversations with host Greg Palmer.
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Financial market data provider Xignite serves 9+ million API calls per day and with today’s announcement of a new partnership, the company will add handsomely to that number. Xignite has partnered with Canada’s WealthSimple, which will leverage the California-based company’s APIs to power its new mobile stock trading app, WealthSimple Trade.
The app enables users to buy and sell more than 8,000 publicly-traded stocks and ETFs. Embedded within the app, Xignite’s APIs offer users real-time stock price data, information to power trades, and algorithms that automate users’ investment decisions.
“We are proud to be a key enabler of the fintech revolution in Canada,” said Stephane Dubois, Xignite CEO. “We help power and inspire the disruption of the financial services industry by providing entrepreneurs like Wealthsimple with financial data APIs to help them invent new businesses and revolutionary user experiences. The world’s leading robo-advisors use Xignite market data to power their platforms and apps.”
Xignite sources its cloud-based market data from 250+ providers, including data collectors, data originators, feed consolidators, OTC marketplaces, and index companies. In addition to leveraging data from Morningstar, FactSet, and EuroNext, Xignite also curates its own data. The comprehensive nature of Xignite’s data eliminates the need for clients to work with multiple vendors.
Xignite, which counts Interactive Data and Quandl as competitors, provides data to more than 800 organizations across the globe, including fellow Finovate alums Betterment, Personal Capital, Envestnet, and eToro. The company has raised almost $38 million since it was founded in 2000.
At the company’s FinovateAsia 2017 demo, Dubois showcased the Xignite Cloud Add-in, which integrates market data into spreadsheets.
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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Financial markets data provider Xignite has inked a deal with data usage, tracking, and business monitoring software firm Xpansion that will give capital markets customers even better visibility into and management of their data use and expense.
“Market data is a complex environment where vendor fees and commercial licensing models continue to change, putting pressure on buy and sell side firms to control access and costs,” Xignite CEO and founder Stephane Dubois explained. He added that helping customers more efficiently use market data flow was a key element in the company’s goal of “simplifying, the acquisition, management, and dissemination of market data.”
The strategic partnership will enable Xignite to integrate Xpansion’s XMon analytics and reporting functionality into its Market Data Cloud Platform. This will give Xignite customers enhanced business intelligence, analytics, and reporting capabilities, as well as dashboards and reporting tools to help users analyze and control market data use, as well as manage costs across multiple data vendors.
“Clients consume increasing amounts of data and coupling powerful analytics with a robust data distribution platform is essential in today’s data landscape,” XPansion director and co-founder Amjad Zoghbi said. Zoghbi referred to bringing greater transparency and spending controls to the use of market data as the company’s “focus from the beginning.”
XPansion specializes in cloud-based solutions that help data operations and management teams control data usage better, improving both cost-effectiveness and data governance. The company’s flagship XMon Static Data solution delivers real-time tracking of data requested from external data vendors, data flowing between internal applications and systems, and data exiting the firm as in reports or customer exports. Based in London, U.K., XPansion was founded in 2013.
Headquartered in San Mateo, California, Xignite demonstrated its Cloud Add-in solution at FinovateAsia 2017. The add-in caters to the 1.2 billion Excel users worldwide, enabling them to easily and quickly introduce data – including real-time streaming data – into their Excel spreadsheets.
Earlier this month, Xignite announced that it was the first market data vendor to join the Snowflake Data Exchange. This spring, the company was named to the WealthTech 100, along with seven of its clients including fellow Finovate alums eToro and Tradeit. Also this spring, Xignite announced a partnership with StockCharts.com.
Xignite has raised $37.6 million in funding. QUICK Corporation and StarVest Partners are among the company’s investors.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.
Financial market data cloud company Xignite has partnered with financial charting and technical analysis platform, StockCharts.com. The collaboration will enable the popular online destination for traders and investors to significantly increase its market reach around the world, as well as boost StockCharts.com’s ability to offer more data – including data on international markets.
“StockCharts’ innovative charting solutions are now powered by Xignite REST APIs,” Stephane Dubois, CEO and founder of Xignite said. “(These APISs) harmoniously integrate multiple types of stock price data into their app.” Dubois also highlighted the fact that the company will benefit from having its market data hosted in the Amazon Web Services (AWS) cloud. “Xignite has freed StockCharts from the constraints of hardware and software, allowing them to deliver spectacular financial charts to millions of users each month,” he said.
Founded in 1999 by Chip Anderson, an early Microsoft developer, StockCharts.com has since grown into one of the more widely used technical analysis platforms for retail traders and investors. With more than 1.5 million active monthly users globally, StockCharts.com celebrated its 20th anniversary earlier this month. The company is headquartered in Redmond, Washington.
Xignite has more than 1,000 clients in financial services and serves more than 250 billion client API calls each month. The company offers 45 web services and more than 1,000 APIs to innovative fintechs like Betterment, Motif Investing, Robinhood, and Yodlee, as well as FIs like Charles Schwab and TIAA.
Named “one of the ten coolest brands in banking,” Xignite has been featured twice in the Forbes FinTech 50. Last year, the company was highlighted by Inc. Magazine in its look at 6 Fintechs Disrupting the Industry, along with fellow Finovate alums, Dwolla, Plaid, and Fidor Bank.
Xignite demonstrated its CloudAdd-in at FinovateAsia 2017. The solution enables the world’s more than 1.2 billion Excel users to access Xignite’s wealth of financial market data – including streaming data – via API and incorporate it directly into their spreadsheets. The San Mateo, California-based company was founded in 2006.
