Nyca Partners, a venture capital firm focused on innovation in financial services, led a $5 million Series A equity funding round for Intrinio.
Intrinio, a St. Petersburg-based financial data firm, will use the new capital to expand its product development, data coverage and market penetration, a news release said.
Intrinio was founded by Rachel Carpenter, who is CEO, and Joey French, who is president and chief financial officer. The company says it “democratizes data,” by enabling fintech developers to efficiently incorporate vast amounts of data in their applications in minutes.
“Our team continues to build the best data infrastructure possible for programmers and data scientists since they are the future of the financial industry,” Carpenter said in the news release. “Our model bypasses traditional vendors, delivering instant, a la carte and powerful data feeds straight to the hands of innovators. This is all supported by powerful infrastructure that streamlines the data supply chain and presents a massive opportunity for financial institutions to rethink data sourcing and governance.”
Intrinio is making it easier and less expensive to get access to market data feeds that are critical for innovation, said Hans Morris, managing partner at Nyca and a former senior executive at Citigroup and president of Visa.
“Expensive market data killed lots of good fintech ideas,” Morris said.
He credited Carpenter and French with identifying the roadblocks and solving them.
Tom Miglis, an investment partner at Nyca, will join Intrinio’s board of directors.
Existing investors Engage, Bascom Ventures and VilCap Investments joined Nyca in the funding round.