Industry | e-commerce, computer software |
---|---|
Founded | March 14, 2011Mercer Island, Washington, United States [1] [note 1] | in
Founders | James Walter, Corey Ross [1] [4] |
Headquarters | 9725 SE 36th Street Suite 300, , United States |
Brands | Finagraph, BBC Easy, Finagraph Academy |
Total equity | $3.1 million [5] (2016) |
Number of employees | 13 [1] (2015) |
Divisions | Finagraph, [6] BBC Easy, [4] Finagraph Academy [7] |
Website |
finagraph bbceasy finagraphacademy |
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]
![]() | Graphs are unavailable due to technical issues. There is more info on
Phabricator and on
MediaWiki.org. |
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]
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 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]
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]
Industry | e-commerce, computer software |
---|---|
Founded | March 14, 2011Mercer Island, Washington, United States [1] [note 1] | in
Founders | James Walter, Corey Ross [1] [4] |
Headquarters | 9725 SE 36th Street Suite 300, , United States |
Brands | Finagraph, BBC Easy, Finagraph Academy |
Total equity | $3.1 million [5] (2016) |
Number of employees | 13 [1] (2015) |
Divisions | Finagraph, [6] BBC Easy, [4] Finagraph Academy [7] |
Website |
finagraph bbceasy finagraphacademy |
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]
![]() | Graphs are unavailable due to technical issues. There is more info on
Phabricator and on
MediaWiki.org. |
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]
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 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]
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]