Tell me about Xignite – why did you start the firm?
Xignite is a typical story of a firm that stumbled into a real problem and pivoted to address it. At first, I started the company to create a b2b wealth management platform. I used to run Product Management for Advent Software, a software company providing portfolio management software to investment management firms. Wealth Management was a natural extension from Portfolio Management. We were not quite successful with that wealth management solution. But we needed financial market data in order to power and demo our platform. This was in the early 2000’ and was looking for XML data via APIs, something that just did not exist. We could only find complex legacy solutions instead. So we created our first REST API by scraping Yahoo Finance and using them as demos. We listed our APIs in some of the first API directories of the time, and quickly some firms started asking us to build a commercial version of that API, which we did. This was more than 10 years ago. Today, REST APIs are broadly accepted as a key component of next-generation architectures, our APIs are among the most popular in the world, and we have the privilege to power some of the best wealth management platforms in the world such as robo-advisors Betterment, Personal Capital, and Wealthfront.
Can you name some of your clients?
Our clients include a wide range of business as shown below:
Who are your partners and how they contribute to Xignite growth?
Our partners are plentiful and they all contribute to our success in different ways:
Amazon Web Services —which we have used since 2008 have allowed us to scale our technology beyond everything we initially imagine and have helped redefine the role and architecture of APIs and their impact on enterprises.
Global Exchanges and Data Vendors such as FactSet, Morningstar, NASDAQ, Wall Street Horizon, Mergent, and BATS allow us to distribute and integrate their data into a simple, scalable and one-stop-shop offering that make it easy for our customers to build innovative applications.
Technology providers such as ChartIQ and StreamData.io—whose technology helps us enrich our own offering and better serve our clients.
What is your traction so far?
- We have about 1100 customers globally in 55 countries.
- Around 35% of our business is conducted outside of the US with significant growth in Asia and EMEA.
- Through our platform, we reach tens of thousands of firms and tens of millions of users either directly or indirectly via our clients embedding our data into their websites, mobile apps or enterprise SaaS solutions.
- We have more than 45 product offering totaling more than 650 API end points (the largest integrated API suite in the world).
- We have served more than 1.2 Trillion API requests so far in 2016 are on track to serve more than 1.5 trillion. Putting us in the same category as the likes of Twitter, Google, and Netflix—all serving trillions of APIs per year.
- Usage on our platform grows 300% annually.
- Xignite has raised more than $37M in capital in 3 rounds, including a $20.5M Series C round in February 2016.
Read the rest of the interview at the Accern Blog.