BodeTree Launches Cash Tracker to Give Businesses a Full Picture of Their Finances


No accounting system? No problem.

BodeTree recently announced the launch of Cash Tracker, a feature that helps small businesses view all of their business-related accounts in one place, even if they don’t have accounting software.

Chris Myers, BodeTree CEO, estimates that 80% of the 30 million U.S. small businesses don’t use traditional accounting methods. For some, the clearest picture of their finances is the neglected shoebox full of receipts. Cash Tracker is out to change that.

While the Denver-based startup still aggregates data from Quickbooks and Xero, Cash Tracker syncs the business’s bank account, which offers a full view of their finances, no matter which accounting method used.

Syncing a bank account will show the business its cash balance, net income, months of cash. It will also detail historical spending and cash flow trends.


Cash Tracker’s benefits extend beyond business owners. When BodeTree is used as a third-party application through a partnering bank, the business’s data will also be made visible to the bank. The data not only enhances underwriting efforts, but also opens cross-sell and up-sell opportunities.

BodeTree was recently featured in Entrepreneur Magazine, which highlighted company metrics:

    • Launched in 2011
    • 14 employees
    • $5 million in funding
    • 50,000 active small business users on its platform

BodeTree demonstrated at FinovateSpring 2014 in San Jose.

Alumni News– February 25, 2015

  • Finovate-F-Logo.jpgFinovate Debuts: How Trunomi Shares Customers’ Personal Info while Maintaining Their Privacy.
  • LendingRobot adds Automated Secondary Market Trading.
  • Digital River wins the 2015 Merchant Payment Ecosystem Award.
  • PYMNTS looks at Credit Karma’s funding history and future plans.
  • Lincoln Savings Bank to Deploy CorePro from Social Money.
  • Verde International and Lending Club featured in PYMNTS column on banks and non-traditional loan decision-making.
  • Xero Raises $110 Million from Accel Partners, Matrix Capital.
  • CAN Capital and Worldpay partner to improve access to capital for SMEs.
  • Crain’s Chicago Business looks at Rippleshot and its plans for winning bigger clients.
  • ValidSoft launches its Device Trust solution with a second major UK bank.
  • Yelp Senior Vice President of Revenue Jed Nachman joins PaySimple Board of Directors.
  • Bluefin Payments partners with Infinite Peripherals, an mPOS device provider.
  • ProfitStars launches its Commercial Lending Center, a small business lending portal.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alums Raise More than $600 Million for Second Quarter in a Row

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In the first quarter of 2014, 23 Finovate alums raised more than $592 million

And as the second quarter draws to a close, it’s clear that a comparable cohort of alums have kept the pace.

Over the course April, May, and June, 28 alums raised significant amounts of capital ranging from Gremln’s $100,000 to the $65 million raised by Lending Club. The quarterly total of $594 million is almost exactly the same as the previous quarter.

And given that some amounts are undisclosed (I’m talking about you, Holvi, RevolutionCredit, and, we’re confident that Finovate alums have notched their second $600 million fund-raising quarter in a row.
How does this compare with the less recent past? Very well, indeed. 
In the second quarter of 2013, 15 alums raised more than $200 million. This was a major improvement on the second quarter from 2012, which featured 14 companies raising more than $120 million. 
Total raised for Q2 2014 = $594 million
April — $217 million raised by 11 companies
May —  $226 million raised by 11 companies
June — $151 million raised by six companies

Note: Funding prior to becoming a Finovate alum not included. Questions? Comments? Email us at or

Behind the Scenes with BodeTree, Roostify, and SmartAsset

Behind the Scenes with BodeTree, Roostify, and SmartAsset

This week, we’re featuring BodeTree, Roostify, and SmartAsset whose solutions range from a small business management platform, to a home mortgage application solution, and a mobile financial education product.

Previously in our Behind the Scenes feature, we’ve looked at:

What they do
BodeTree focuses on helping owners of revenue-generating small businesses, who are required to play many roles in their company, to better manage their operations.

BodeTree gives its users a complete view of where their business stands, what their competitors are doing, and offers tools to help them determine where they want their business to be in the future. 
To help users reach their business goals, it works with funding sources to provide financing to serve as working capital. Because BodeTree has visibility into the small business’ operational data, it can work with the funding source to help underwrite and furnish the loan in as few as seven days.  
    • Minimizes loan acquisition time from 120 days to 7 days
    • Raised $4.5 million
    • 13 funding partners
    • 50,000 small business users
The experience
BodeTree gives small business owners an all-in-one business management tool by serving up accounting, sales, and CRM tools on a single, intuitive interface. It helps them understand their budget and business data by showing the information graphically, and provides tools for planning. 
Additionally, BodeTree gives users a an automated view of their business’ valuation and even shows how they are doing in comparison to their business’ peers.
Simply said, the platform shows them: 
    • Where their business has been
    • Where it is currently
    • Helps them determine where they want to go 
Within 30 minutes, the small business can apply for funding, which they can receive in as few as seven days, as opposed to the traditional 120 days it takes to get a loan.
If the user is pursuing a loan, BodeTree gives its funding partners visibility to the individual business’ performance metrics to help them underwrite the loan.
In addition to helping its users understand the daily operations of their business and providing funding options, BodeTree also enables business owners to view:
    • Valuation of their small business
    • A quick view of their business’ health
    • A peer comparison to other small businesses
    • Financial statements with easy-to-understand graphs
The platform’s report-building tool gives them an easy way to customize and build professional looking reports, like the one below, to serve as a tangible item they can share about their business.
Overall, BodeTree serves as a home base for small businesses to see how their business is doing, determine where they want to go, and access quick funding to help them get there.



What they do
By bringing transparency to the home buying process, Roostify seeks to demystify the home loan and closing experience by making it easier and faster for both the borrower and the lender. Its platform facilitates communication between lenders and borrowers, enabling them to share and track information necessary for the mortgage and closing process.
This visibility, combined with the platform’s ability to gather key documents, helps speed the entire home-buying process.
    • Can process a full mortgage application in 10 minutes
    • Can process a full loan package (mortgage application plus documentation) in 20 minutes
The experience
For the homebuyer, Roostify works a bit like TurboTax for a mortgage application. It customizes fields on the application based on the user’s answers to previous questions.
Once the loan application is submitted, the borrower’s dashboard walks the prospective homebuyer through the remaining process. Three notable items include:
1) The explanation on the right panel of the screen, which provides transparency into why certain items are needed and how they will be used in the process
2) The calendar view, which shows both the borrower and the lender due dates of action items
3) The documents page, which helps borrowers and lenders submit and manage the necessary documents for the mortgage process

All documents are held on the Roostify platform in a secure repository, which eliminates the need for the lender to download the documents. Additionally, its esignature capabilities eliminate the need for printing and faxing documents.

To assist with the underwriting process, borrowers can connect their external accounts directly within the Roositfy platform. The borrower can give lenders access to bank accounts, retirement accounts, and savings accounts without ever leaving Roostify.
Roostify also benefits the lender by giving them complete visibility into the process. The screen below shows a feed of completed tasks (on the right) and outstanding tasks (in the center) for both the borrower and lender. 

Even after the home loan application process is complete, the system details the home closing workflow, notifying the two parties what items need to be completed by what time frame. 

Lenders can white label Roostify to create a branded solution that gives their borrowers an end-to-end service that consumers have come to expect.

What they do
SmartAsset’s website serves as a resource for personalized and automated advice about personal finances. At FinovateSpring 2014, SmartAsset launched its native mobile app on iOS and Android.
Its platform combines user information with its automated financial modeling technology to answer questions across a range of subjects. Its goal is to help people make better financial decisions. 
To serve as a guide, SmartAsset’s referral service matches users with targeted financial products to help them maximize their net wealth.
    • Has grown at 40% per month for the last 15 months
    • Expects roughly half a million people to visit this month
    • Has 130 different data partnerships, including Moody’s
The experience
SmartAsset’s greatest penetration is with users between the ages of 25 to 40 who are planning to make one or more big financial decision this year, such as get married, have a baby, or buy a house.
The screenshot below illustrates the user experience of determining whether to rent or buy a home. Note the targeted ad from Quicken Loans at the bottom, offering a 30-year FHA mortgage.
If the user wants to purchase a home, they can use SmartAsset’s in-app tools to determine how much house they can afford. The sliders make it easy to change the estimation of the down payment and mortgage. When adjusted, all other calculations are immediately updated to reflect the change.
It also helps in planning for retirement. The screenshot below illustrates the recommended amount of retirement savings the user needs to put away per month in order to retire at their desired age of 67.
Aside from real estate and retirement calculations, and SmartAsset also uses its algorithms to assist with:
    • life insurance questions
    • credit cards
    • bank accounts
    • student loans

Stay tuned later this week for our final Behind the Scenes look at fintech from FinovateSpring 2014.

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Finovate Alumni News– May 16, 2014

  • Intuit buys Invitco to help bookkeepers put bill processing in the cloud.
  • SocietyOne, an Australian peer-to-peer lender, mulls entering NZ market, is talking with ‘multiple parties’.
  • miiCard graduates from SixThirty accelerator.
  • Swipely tops $2 billion in annual sales managed; launches Summer ’14 release.
  • Bermuda Commercial Bank picks the T24 core banking system, Model Bank, from Temenos.
  • FinSMEs talks about BodeTree with CEO and co-founder Chris Myers.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

BodeTree Brings in $2 Million in Series A Round

BodeTree Brings in $2 Million in Series A Round

The best thing about the news that BodeTree has raised $2 million in Series A funding may be the possibility that the company is not done raising money just yet.

According to reporting at TechCrunch, BodeTree CEO Christopher Myers is considering the possibility of additional funding from other investors by July. BodeTree, which made its Finovate debut in San Jose this spring, now has more than $6 million in total capital raised, with Greenline Ventures currently the company’s biggest investor.

For small businesses, BodeTree provides tools to help owners do business valuations, peer comparisons, and conduct critical business intelligence. Features include seamless integration with Xero, easy syncing with QuickBooks Online, and support for QuickBooks Desktop Interface.
All this organization serves another purpose: making it easier for potential lenders and banking partners to better understand businesses in order to provide loans and other services.
Said Christopher, “Our goal is for BodeTree to be the financial home base for what we call the Fortune 5 Million.”
BodeTree has 50,000 small business users and 13 lending partners. Recent partnerships with small business associations have helped the company expand in Arizona, Michigan, and Ohio. The additional capital will be used to fund continued growth, as well as platform improvements.
BodeTree was founded in 2010 and is headquartered in Denver, Colorado. See a video of the company’s FinovateSpring 2014 demo here.

Finovate Alumni News– May 14, 2014

  • Finovate-F-Logo.jpgTIO Networks partners with New Jersey’s Public Service Electric and Gas Company to set up bill payment kiosks.
  • Pindrop Security and AGNITiO partner to protect call centers as they adapt to an increasingly mobile customer base.
  • Bolstr explains the basics of crowdfunding on NBC Chicago.
  • Loop Wallet app now available on Android.
  • Maps Credit Union chooses ACI Worldwide’s online banking platform.
  • Javelin Strategy takes a look at bill pay alternatives to Manilla, including Finovera.
  • BodeTree brings in $2 million in Series A round.
  • SavedPlus, LikeFolio, Wallaby, FutureAdvisor, Simple and Wealthfront earn spots on CNN Money’s list of the 15 best financial websites and apps.
This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

BodeTree’s Platform Uses Data to Provide Better Services to Both Small Businesses and Financial Institutions

BodeTree’s Platform Uses Data to Provide Better Services to Both Small Businesses and Financial Institutions

This post is part of our live coverage of FinovateSpring 2014.

Next, BodeTree demonstrated how it can help small businesses get the funding they need while giving financial institutions data to help underwrite the loans:
“BodeTree is a very powerful two-sided platform that serves small businesses and their banking partners. On one side, the system enables small business owners to better manage their businesses and access the capital they need. 
On the other side, it enables financial institutions to deliver a substantially improved customer experience and get the requisite (and reliable) data they need to profitably serve the small business segment.”
Presenting: Christopher Myers (CEO) and JT Archer (COO)
Product Launch: October 2013
Metrics: BodeTree has raised approximately $4.5M to date. Our investors include high net worth investors (including a former presidential cabinet member, head of small business practice at a large NYC private equity shop and CEO of a Fortune 500 company) and Greenline Ventures.
BodeTree has 12 full-time equivalent employees. As of April 2014, BodeTree is on track to have approximately 50,000 small business users and 13 funding partners.
Product distribution strategy: Direct to Business (B2B), through financial institutions
HQ: Denver, CO
Founded: December 2010
Twitter: @bodetree