Company:Booyami

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Short description: American accounting software company
Booyami
Industrye-commerce, computer software
FoundedMarch 14, 2011; 12 years ago (2011-03-14) in Mercer Island, Washington, United States[1][note 1]
FoundersJames Walter, Corey Ross[1][4]
Headquarters9725 SE 36th Street Suite 300,
Mercer Island, Washington
,
United States
BrandsFinagraph, BBC Easy, Finagraph Academy
Total equity$3.1 million[5] (2016)
Number of employees
13[1] (2015)
DivisionsFinagraph,[6] BBC Easy,[4] Finagraph Academy[7]
Websitefinagraph.com,
bbceasy.com,
finagraphacademy.com

Booyami Inc. (also often referred by its brand names Finagraph or BBC Easy) is a provider of automation tools and business intelligence software for small business accounting. The company was founded in 2011 by a former Microsoft employee James Walter and a former vice-president of Bank of America, Corey Ross.[6][8] The synergy produced BBC Easy and Finagraph — two technological solutions for small business that offer strategic financial intelligence and streamline obtaining business loans.[6] After Moody's acquisition of the stake in Booyami in May 2016, Booyami announced that it now intends to expand its Finagraph service to medium-size businesses.[9][10]

History

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Booyami Inc. was founded in March 2011 by two former Seattle area executives, James Walter and Corey Ross.[4][note 1] With seven years experience working on Xbox and Windows 7 at Microsoft, James came from the IT world, while Corey, who held titles of vice-president in Banner Bank and in Bank of America, came from the world of banking.[11][12]

Together, they conceived its first product — ″BBC Easy″ aimed to automate borrowing base certificate processing for small businesses. By the end of 2011, the company raised over $900,000 of venture capital towards patenting their ideas and towards the new hires needed for the product development.[8] BBC Easy cloud application was launched in November 2012.[13] In April 2013, the first financial institution, Numerica Credit Union, successfully integrated the product into its C&I loan system.[14]

At the same time Booyami started its second product, Finagraph, designed to assess small businesses for loan eligibility. In 2013 Booyami intended to raise $1 million for the product development, but managed to raise only $195,000.[5] Nevertheless, Finagraph was successfully developed. In 2014, Finagraph was among 20 finalists (out of 870 participants) of Forbes ' New Banking and Digital Life Open Talent event.[15] Booyami initially planned to sell Finagraph to small businesses,[16] but changed their business model, offering Finagraph to small business for free, making money of banks and large accounting firms.[1]

Selling Finagraph to US banks was aggravated by "the steep regulations in the industry," and Booyami searched for alternative ways to promote and distribute the product.[7] In September 2014, Booyami raised additional $1.25 million to acquire a 15-year-old Seattle BBI Financial Academy.[7][17] Booyami re-branded it as "Finagraph Academy" and incorporated Finagraph in its training courses.[7]

In October 2015, Puget Sound Business Journal has listed Booyami in the top ten Big Data companies of Puget Sound Area.[18] In May 2016, Moody's purchased a stake in Booyami. The companies announced plans to integrate Finagraph with existing Moody's analytics tools and further developing Finagraph to service medium-sized businesses.[10][19]

Products and Services

BBC Easy

BBC Easy Logo -- brand of Booyami Inc.png

BBC Easy (stands for ″Borrowing Base Certificates made Easy″) is a cloud application that streamlines processing of small business loans. In order to get a loan approval, a small business needs to certify is borrowing base — a metric of the value of its assets, so the lender can determine the size of the loan that can be offered. However, the time required of a loan officer to underwrite a small loan is comparable to the time needed to underwrite a substantial loan which reduces banks' propensity to deal with small borrowers.[20] BBC Easy simplifies underwriting by generating required forms and reports directly from borrower's accounting system, thus reducing errors, fraud, and in turn, lenders' risks.[13][20] BBC Easy turns traditional borrowing base certificate submission into a single click.[8]

After the application launch in November 2012,[13] Booyami focused on credit unions as the primary market for BBC sales.[14] Numerica Credit Union in Spokane, Washington was the first bank that adopted BBC Easy.[14]

Finagraph

Finagraph Logo -- brand of Booyami Inc.png

Finagraph is a business intelligence application which analyzes current and historical accounting data of a small business, offers strategical financial advice,[21] and provides business owners with an overview of their business from banks' perspective, including relevant financial comparisons with similar organizations within the same industry.[1][6] Finagraph is compatible with major accounting software (such as QuickBooks, Xero, etc.) and does not require any separate data entry.[19] Instead, Finagraph ″replaces hours of work with 1-click.″[21][22]

Furthermore, Finagraph can perform certain functions of BBC Easy by assembling relevant accounting data and generating forms required for a loan application.[1][9][12] Finagraph is currently offered to clients for free, as Booyami seeks to make money of Finagraph licences sold to financial institutions.[1][19] In the effort of disseminating Finagraph, Booyami has purchased BBI Financial Academy and modified its curriculum around Finagraph.[7]

Finagraph also supports complex accounting of crowdfunding ventures.[23] In 2014, Finagraph application was recognized by Forbes as New Banking and Digital Life finalist.[15] After Moody's investment into Booyami in 2016, Booyami announced its intention to expand Finagraph to medium-size businesses market and to feature Finagraph with credit score information based on Moody's Analytics Risk Quality (MARQ) system.[9][10]

Finagraph Academy

Formerly BBI Financial Academy, Finagraph Academy founded in 1990[24] provides financial education and consulting to business owners and accountants.[25] Booyami purchased the academy on September 18, 2014, and re-branded it as ″Finagraph Academy.″[7][24] The academy retained its original curriculum, while incorporating Finagraph in its courses with the goal to promote Finagraph among accountants and business owners.[6][11]

See also

Notes

  1. ↑ 1.0 1.1 The founding date of Booyami is sometimes reported incorrectly as ″August 2011.″ The confusion stems from the fact that the company was incorporated in Delaware on March 14, 2011,[2] but registered for business in Washington state on August 11, 2011.[3]

External links

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 Goldsmith, Steven (April 17, 2015). "The Accountant in the Cloud: Finigraph Taps Tech to Analyze Your Business". Puget Sound Business Journal (Seattle: American City Business Journals) 35 (52): p. 19. ISSN 8750-7757. OCLC 11683053. 
  2. ↑ "BOOYAMI, INC. Entry Details". State of Delaware. March 14, 2011. https://icis.corp.delaware.gov/Ecorp/EntitySearch/NameSearch.aspx. 
  3. ↑ "Corporations Division - Registration: BOOYAMI, INC.". The Office of the Secretary of State (Washington). August 11, 2011. https://www.sos.wa.gov/corps/search_detail.aspx?ubi=603135686. 
  4. ↑ 4.0 4.1 4.2 "Company Overview of Booyami, Inc.". Bloomberg L.P.. https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=140243264. 
  5. ↑ 5.0 5.1 "Booyami, Inc. — company filings". https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001528754&type=&dateb=&owner=include&count=40. 
  6. ↑ 6.0 6.1 6.2 6.3 6.4 Lamm, Greg (April 1, 2015). "Finance: Lending Made Easy". Seattle Business Monthly (Seattle: Tiger Oak Publications). OCLC 259466486. http://www.seattlebusinessmag.com/article/finance-lending-made-easy. 
  7. ↑ 7.0 7.1 7.2 7.3 7.4 7.5 Lerman, Rachel (September 18, 2014). "Seattle startup Finagraph acquires 15-year-old Seattle financial firm". Puget Sound Business Journal (Seattle: American City Business Journals). ISSN 8750-7757. OCLC 11683053. 
  8. ↑ 8.0 8.1 8.2 Cook, John (January 24, 2012). "Ex-Microsoftie looks to transform banking with new startup Booyami". GeekWire. http://www.geekwire.com/2012/exmicrosoftie-revolutionize-banking-booyami/. 
  9. ↑ 9.0 9.1 9.2 "Moody's Takes Stake in Finigraph". February 27, 2016. http://nybizdaily.com/2016/02/27/moodys-takes-stake-in-finigraph/. 
  10. ↑ 10.0 10.1 10.2 "Moody's Acquires Stake in Finagraph, Expanding Commitment to Small Business Lending Solutions". Berkshire Hathaway. February 25, 2016. http://www.businesswire.com/news/home/20160225006688/en/Moody%E2%80%99s-Acquires-Stake-Finagraph-Expanding-Commitment-Small. 
  11. ↑ 11.0 11.1 Soper, Taylor (September 18, 2014). "Banking startup Booyami raises $1.2M, acquires BBI Financial". GeekWire. http://www.geekwire.com/2014/finagraph-acquires-bbi-financial-2/. 
  12. ↑ 12.0 12.1 Aitchison, Sarah (October 6, 2014). "TechFlash Cup: Small business finance software startup Finagraph". Puget Sound Business Journal (Seattle: American City Business Journals). ISSN 8750-7757. OCLC 11683053. 
  13. ↑ 13.0 13.1 13.2 "FinovateSpring 2013 / BBC Easy". May 3, 2013. http://finovate.com/videos/finovatespring-2013-bbceasy/. 
  14. ↑ 14.0 14.1 14.2 Keeton, Ann (April 3, 2013). "Numerica Credit Union Adopts C&I Lending Program". Credit Union Times. ISSN 1058-7764. OCLC 867675674. http://www.cutimes.com/2013/04/03/numerica-credit-union-adopts-ci-lending-program. 
  15. ↑ 15.0 15.1 "Listos, finalistas tecnológicos de BBVA Open Fund 2014". Forbes (Jersey City, New Jersey). August 13, 2014. ISSN 0015-6914. OCLC 671776174. https://www.forbes.com.mx/listos-finalistas-tecnologicos-de-bbva-open-fund-2014/#gs.PbEa=uw. 
  16. ↑ Fineberg, Seth (February 22, 2016). "App Watch on Sageworks, Xero, and Finagraph". http://www.accountingweb.com/technology/accounting-software/app-watch-on-sageworks-xero-and-finagraph. 
  17. ↑ "Booyami Lands $1,258,385 New Financing". xconomy. September 10, 2014. http://www.xconomy.com/seattle/2014/09/10/booyami-lands-1258385-new-financing/. 
  18. ↑ "Big Data Software Companies". Puget Sound Business Journal (Seattle: American City Business Journals). October 20, 2015. ISSN 8750-7757. OCLC 11683053. http://www.bizjournals.com/seattle/subscriber-only/2015/10/16/big-data-software-companies.html. 
  19. ↑ 19.0 19.1 19.2 Penn, David (March 2, 2016). "Finagraph Picks Up Investment from Moody's". http://finovate.com/finagraph-picks-up-investment-from-moodys/. 
  20. ↑ 20.0 20.1 Rosenbaum, David (February 28, 2013). "Sequestration: Growth Juice for Alternative Lenders?". CFO Magazine (Boston: Seguin Partners). ISSN 8756-7113. OCLC 11636011. http://ww2.cfo.com/credit-capital/2013/02/sequestration-growth-juice-for-alternative-lenders/. 
  21. ↑ 21.0 21.1 Bergstein, David (July 22, 2015). "How to "Ubersize" Your Technology". Intuit. https://blog.accountants.intuit.com/ways-to-grow-your-business/how-to-ubersize-your-technology/. 
  22. ↑ Fridman, Adam (December 28, 2014). "Four Business Functions You Should Not SAAS: Even though just about every business function may be replaceable with a SAAS solution, not all should be.". Inc.. ISSN 0162-8968. OCLC 906019515. http://www.inc.com/adam-fridman/four-business-functions-you-should-not-saas.html. 
  23. ↑ M. Darren Root (9 May 2014). The Intentional Accountant: Your Roadmap for Building a Next Generation Accounting Firm. Rootworks, LLC. p. 86. ISBN 978-0-692-20700-0. OCLC 902811518. 
  24. ↑ 24.0 24.1 "Company Overview of BBI Financial". Bloomberg L.P.. September 18, 2014. https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=23312625. 
  25. ↑ "Finagraph Acquires BBI Financial to Provide Financial Intelligence to Business Owners Nationwide". Vocus. September 18, 2014. http://www.prweb.com/releases/2014/09/prweb12181863.htm. 



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