With good news being so easy to write about, it's important to also highlight the startups that made it far, but didn't hit their long-term goals. Balancion, a personal finance management startup from Finland, tells us they are shutting down on the 29th, citing difficulty in attaining and collaborating with business customers.
The startup was founded in 2008 and is owned by the management and a group of private investors. We first covered them in 2009.
“I’m both grateful and wistful as I have to say that we haven’t achieved our business objectives and are thus forced to shut down our online service”, states the Balancion CEO and founder Jussi Muurikainen.
This is a series of posts, written in co-operation with the Finnish Software Entrepreneurs to promote entrepreneurs working with software. The first post is about Jussi Muurikainen, the CEO of Balancion. Balancion is a personal finance management application that integrates with banks.
In this series, we try to dig deep into the backgrounds of the entrepreneurs and their companies. You can also win a ticket to Arctic15 by subscribing to the Finnish Software Entrepreneurs newsletter over here.
Balancion, the Finnish personal finance management tool, has launched a new 1.5 version of their service. Jussi Muurikainen, CEO, states that this is the biggest release since coming out and with this service they aim to target the larger masses in Finland. With the new version comes a ton of new features as well as a security certificate from Nixu.
Scred, a house hold Finnish startup who we have used to seeing tracking debts and shared expenses is now shifting their focus towards more comprehensively managing money.
They start with managing money for different groups such as bands, indie film crews, event organisers and associations. The point is to offer a solution for communities which often don't have good online financial applications and don't know about accounting.
Along with the new focus the guy have also redesigned the site. Kudos to the team for learning the design tools as they went along. As Kristoffer from Scred told me "We ended up learning how to do design ourselves as we couldn't find anyone sufficiently skilled and available to work with our bootstrapped approach". Whether that was a good choice, I left to the user to decide herself.
Osuuspankki, one of the largest banks in Finland has put out a statement reminding people of dangers in using software to query your bank account statement - in essence talking about the pulling of data from the bank with Balancion. They are saying that using such third party applications is against the terms of service as well as dangerous for security reasons.
An interesting startup, called Balancion, has been in the talks of the startup circles here in Finland. Partly due to the fact that Balancion is commonly referred to as the Finnish Mint.com. Mint.com was of course sold to Intuit for a very nice amount of money, $170 million USD to be exact. The CEO, Jussi Muurikainen has decided to keep the team small and agile and relies heavily on partners for production.
From this setting, a company that has been in the build for 2 years is surely of interest. I had the chance to talk to Muurikainen about the various issues and what has been the run up to the current state of the company.
Balancion, is a new Finnish startup that will help you see the complete picture of your personal finance. At the moment, the service is in closed alpha and very little is known of it. Jussi Muurikainen, the CEO and founder of the company has posted a long message into Balancion's Facebook page to tell a little about the service.
In the message Muurikainen outlines the basis on which the company was founded and what its goals are. The idea for the service has grown from his personal frustration to understand one's financial situation (income, expenses and the distribution there in). He, like I, use an excel sheet to keep count of your personal expenses and through that try to understand where your money is going and where you're getting it. It is usable in my opinion, but there are better network externalities in doing this online. Speaking from this perspective, I can say that this is a service I'm looking forwards to using.