By: Rachel Lerman
The high-tech world is creeping into every aspect of our lives, even into traditional fields such as banking.
Seattle startup Finagraph, which provides financial intelligence software for banks and accountants, announced Thursday it was acquiring BBI Financial, a 15-year-old Seattle firm that provides education and training to bankers.
Terms of the deal were not disclosed.
It’s hard to sell technology to banks because of the steep regulations in the industry, said James Walter, co-founder and CEO of Finagraph.
Finagraph seeks to make it easier for bankers and financial professionals to work with their business clients by providing software that offers an automated look at each clients’ financials and how they compare to the average. The software compares the business to other business owners in the same industry and automates the data to make it easy for bankers to understand.
BBI staff train at banking schools and at large companies. They will now incorporate Finagraph’s software into training courses.
“Technology is going to be the way that businesses and bankers interact and work together,” BBI CEO Kyle Enger said. “With online and mobile banking, the industry is totally changing right now.”
This is the first acquisition for Finagraph, which was founded in 2011 and has raised $2.1 million from individual investors.
BBI’s five-person team will join Finagraph’s eight-person team in its office on Mercer Island.
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