Insight
Fintechs and traditional banks will fail unless they actively collaborate
“What we need to do as an industry is collaborate. We keep thinking of this as a competitive game and yes, it's a competitive game, but if we don't collaborate, we're all going to fail.”
Insight
Normalizing data across more than three software integrations requires dedicated teams
“If you want one to three integrations, go build. And there, some of them are quite easy, like QuickBooks. But if you want to normalize data within a category, so if you want any more than three in accounting, you need to have an API shop to normalize the infor…”
Prediction Not checkable as stated
Lenders will eventually evaluate business borrowers by merit rather than collateral
“There's going to be a point in time where we can measure business owners on their merit, not their collateral.”
Insight
Traditional lenders demand historical accounting while alternative lenders evaluate cash flow
“There are two main categories that lenders want right now. They're either traditional lenders, and what they want is accounting information, because the second a business says, I want money, they say, give me two years of financials, or they're an alternative …”
Disclosure
Boss Insights volume-tiered pricing scales down to $1 per borrower
“We have economies of scale pricing. If you, we have ways for people to test this out. If they have one to 10 borrowers, let's say, but the sweet spot really happens when you get to a couple hundred and then it is under 20 dollars. We have pricing that goes dow…”
Assertion Not checkable as stated
Boss Insights helped CC Bank cut loan processing time by 80%
“A recent quote we got from CC Bank, for example, is that in 30 to 60 days, they got access to two to three years worth of leads. They decreased the amount of time they were spending by 80%.”
Disclosure
Boss Insights funded a non-dilutive $1M seed round by mining Litecoin
“The first money in Boston insights was mined in a basement. And still yet, we haven't diluted. We have, we've essentially raised a seed round, almost a million dollars, but we haven't diluted at all.”
Disclosure
Boss Insights seeks a $1.5M strategic round from commercial lenders
“We have, we always say we would raise a million and a half. We already have the product built. But what we're looking for is not just capital. We want strategic. We want to work with lenders who really see that the market is changing and you need to be ahead o…”
Assertion Not checkable as stated
Boss Insights doubled revenue in 2020 and projects tripling soon
“All the sales I'm talking about happened in 2019. And then we doubled it in 2020, and we're looking to triple that in the next few months.”
Assertion Not checkable as stated
Boss Insights has fully built all 800 integrations advertised online
“No, all those were actually built.”
Disclosure
Boss Insights charges lenders per borrower instead of by data query
“It's pure SaaS, and we're actually not charging by data because then we're a cost center. We're actually charging when we make the lenders win, so we charge per borrower. They make money, we make money.”
Disclosure
Boss Insights has zero outside investors on its cap table
“The cap table is really healthy. There's no investors on it.”
Disclosure
Boss Insights co-founders split equity 51% to 49%
“51 49.”
