Case Study

EDC supported NY-based fintech’s expansion into San Diego

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ServiceExpansion Services­/Site Selection

SEPTEMBER 2024

Prism Data, a New York City-based fintech company, is a next-generation risk and credit scoring software provider that enables banks and other lenders to use consumer-permissioned bank account data, in real time, to make better business decisions. Prism’s API-based, no-PII platform translates raw transaction data into actionable insights, including the market-leading CashScore®, for credit risk management. With Prism’s solutions, banks and lenders can expand their customer bases and revenue opportunities while lowering their credit losses and, at the same time, expanding credit access to traditionally underserved individuals and demographics.

In December 2023, Prism began exploring the prospect of opening a second office in a new market across the United States, with San Diego being one of the locations under consideration.

COMPANY


prismdata.com

CHALLENGE

As Prism compared San Diego to other competing metros, it sought EDC’s assistance in understanding the local ecosystem, available incentives, and the region’s talent supply to make an informed expansion decision. Prism needed a location that could support its growth plans, which include hiring dozens of new employees over the next three years. As a startup still raising funds, Prism required a short-term sublease to maintain flexibility while accommodating six to 10 employees during its initial expansion.

EDC SOLUTION AND SUPPORT PROVIDED

EDC worked closely with Prism to evaluate key factors such as proximity to talent, local incentives, and business costs, ensuring the company understood the full breadth of San Diego’s strengths and assets when comparing it to competing metros. EDC also conducted a comprehensive site selection search, identifying properties across the San Diego region that aligned with Prism’s specific criteria. By leveraging its strong network of regional partners, including commercial real estate experts and city officials, EDC provided tailored options and facilitated critical connections, helping Prism find a location that met its needs.

VALUE DERIVED

In September, Prism solidified its choice in San Diego and signed a lease for a new office sublet, marking a significant milestone in its expansion into the City of San Diego. The space will initially support up to 10 local employees, including several expected new jobs and plans for further growth. The office, located in a strategic area to attract top talent from local universities and the San Diego tech community, positions Prism to tap into San Diego’s thriving tech ecosystem.

“In addition to helping our team understand the local ecosystem, EDC facilitated key connections, making the site selection process smooth and seamless, and enabling us to find the right location for our growing team. We’re excited to call San Diego our second home.”

—Jason Rosen, CEO, Prism Data

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For more information and to learn more:

Emily Irion
Emily Irion

Manager, Economic Development