When Brian’s mother, Rona, was diagnosed with early onset Alzheimer’s disease, Brian began to help manage her financial affairs. There were literally hundreds of documents to organize, and it was difficult to determine which documents were important and which could be discarded. Brian thought, “We are living in the 21st century, why isn’t there a better way to digitally organize personal finance documents?”
For Brian, it was painfully obvious what was needed: a secure, cloud-based, personal finance-oriented, digital vault, where consumers could store, manage and share their important household documents. Since Brian and Trent had recently built and sold their first startup—which also had to manage (different types of) files—they were very comfortable with the concept and enthusiastically launched FileThis.
Early on, Brian and Trent were inspired by how mint.com obtained data feeds. Instead of requiring users to scan, upload and manually organize documents, FileThis would connect directly to users’ online services and automatically gather original personal finance documents as they became available. Today, FileThis automatically retrieves and organizes information from over 800 of the largest financial, insurance and utility companies in the US.
FinTech creates large B2B opportunity
After the launch of FileThis, we began receiving inquiries from users of our consumer service who also happened to be executives of FinTech companies. Since FileThis automatically retrieves original PDFs of the same personal finance documents required for many financial processes, they wanted know if they could integrate FileThis into their service offerings. Because Trent had created an API to build the foundation for the original FileThis Personal Finance service, we began to offer the same FileThis technology to other FinTech platforms.
After signing our first partners in online bill pay and accounting, we realized that the B2B opportunity was quite large, with millions of potential users. Many other financial processes—such as loan underwriting, tax preparation, and legal financial disclosure—also rely on official documents for verification and for data.
Since launching the B2B service, we’ve made substantial progress in working with partners in a variety of financial sectors. At the same time, the FileThis Personal Finance service continues to be enjoyed by our direct users.