Banking 2.0 – FinovateStartup: Focus on Buxfer


I covered the first Finovate event organized by Jim Bruene back in October 2007 (in New York City). The event was such a success (it sold out in only 6 weeks) that Jim decided to organize two more Finovate events in 2008: FinovateStartup & Finovate 08.

I was delighted when Jim invited me to be the official live blogger on NetBanker at FinovateStartup in San Francisco.  Before the event, I plan to blog about most of the 40 startups which will demo their products. My goal is to give you a brief overview of those innovative startups.

Buxfer, Track Your Money

BuxferI contacted Ashwin Bharambe and Shashank Pandit, the co-Founders fo Buxfer, via Linkedin.

Buxfer was one of the first online personal finance platforms (launched back in September 2006).

Last year, Buxfer launched a Facebook application and also became the first Banking application to offer payment intergration through Amazon payment site.

I invite you to check the coverage of Buxfer on NetBanker.

How it started
While working on his Ph.D. at Carnegie Mellon University, Ashwin was immensely frustrated by the numerous IOUs hanging on his refrigerator. Dinner bills, rent, utilities, ski trips … the list went on. One day he decided to write a program to track all the IOUs for him and his group. It was so useful that all his friends wanted a copy of it. Tired of distributing copies (and subsequent updates) of this script, Ashwin decided to team up with fellow graduate student Shashank to develop a website. And thus was born Buxfer.

Financials, Figures and Stats
* As of August 2007, Buxfer had tracked $54.4 million in over 254,000 transactions. (source: techcrunch)
* 80,000 registered users and 9,200 estimated unique visitors in Feb 08 (source: NetBanker)

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Written by Christophe Langlois

Based in London, Christophe is an entertaining social media keynote speaker and a trusted advisor to the global financial services industry on the topics of social media, social business and digital innovation.

Christophe has contributed to over 140 events in 18 countries.

Currently, Christophe is 'Social Media Senior Managing Consultant' at IBM Interactive Experience. He's also a Digital Advisor at the Financial Services Forum and the Moller Centre (part of the Churchill College in Cambridge).

Christophe's views on are his own, not necessarily his employer's.

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