Tag: book recommendations

The Fintech 5 with Dan Israel — Managing Director, Global Insurance Accelerator

Posted on by Jim Smith

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.

Dan Israel, Managing Director of the Global Insurance Accelerator

#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.

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The Fintech 5 with Raul Peralta — CEO of Kaleidoscope

Posted on by Jim Smith

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.

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The New Faces of Fintech — Featuring Tamsey

Posted on by Jim Smith

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 Bonlong is Founder and CEO of London-based Tamsey. Tamsey is creating innovative solutions that will transform how payments are made globally.

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 with Elizabeth Thomas – Program Director for Mass. Fintech Hub

Posted on by Jim Smith

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.

Elizabeth Thomas, Mass Fintech Hub Program Director

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!