Booyami

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Booyami
Industrye-commerce, computer software
FoundedMarch 14, 2011; 15 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

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BBC Easy

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File: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

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File: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

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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

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Notes

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  1. ^ a b 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]
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References

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  15. ^ a b Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
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  19. ^ a b c Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  20. ^ a b Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  21. ^ a b Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
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  24. ^ a b Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
  25. ^ Lua error in Module:Citation/CS1/Configuration at line 2172: attempt to index field '?' (a nil value).
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