Business

Finovera is making your offline bank accounts cloud-ready

Bills, invoices, and bank statements are straddling the online and paper worlds, making organizing finances a messy task. Finovera is launching today in an attempt to collect these bills and make people trust accounting in the cloud.

Consumers receive more than 15 billion bills and statements every year, but fewer than 5 percent of these statements are delivered electronically, founder Purna Pareek said on stage at DEMO Spring 2012 in Santa Clara, Calif., today. “This is a massive burden for consumers.”

Finovera users are able to connect their financial and utilities accounts to the service, even if those accounts don’t have an online counterpart. Finovera is able to grab statements from the past 12 months and give you an analysis of your spending. Should one of these accounts not be connected to the Web, Finovera will contact the institution and retrieve the statements for you. The company is focused on families, who often have a number of big receipts, tuition bills, credit card balances, and mortgage payments to organize.

Above: Finovera founder Purna Pareek

Competitors such as Manilla and Doxo do exist, but they do not aggregate offline accounts. Pareek even goes so far as to say that his service and Mint are complementary because of Finovera’s ability to access institutions that don’t have an online presence.

What Finovera is really going up against is fear, however. Many people are still uncomfortable keeping all of their financial records completely online. The concerns are simple: What if there’s a power outage? What if Finovera is hacked? These questions will stand in the way of customer adoption.

A panel of experts, in a post-demonstration discussion, said that Finovera is tackling a big enough consumer problem that it could potentially standout from competitors with a single compelling feature or a fresh user experience. Plus, the company could get some lift and distribution if it were to form partnerships with bill providers, RightScale CEO Michael Crandell said.

The company was founded in 2011 and has thus far raised an undisclosed amount from its founders as well as angel investors. Finovera is located in Milpitas, Calif. and has six employees.

Finovera is one of 80 companies chosen by VentureBeat to launch at the DEMO Spring 2012 event taking place this week in Silicon Valley. After we make our selections, the chosen companies pay a fee to present. Our coverage of them remains objective.

Cloud dollar signs image via Shutterstock


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