Flychain newsletter for April and May 2024
More providers on our Financial OS and traction in the middle market
Highlights
More providers on our Financial OS
Since launching our platform in mid-March, we’ve signed an additional 7 providers bringing the total number of providers to 9. Out of our 9 providers, it’s exciting to see that 4 of these are net-new providers that we didn’t have a pre-existing lending relationship with. It’s encouraging to see that providers see the value of our Financial OS even when they don’t need financing.
Moving up market
Larger, multi-EIN providers in the middle market are starting to see the value of our platform. Our platform’s ability to handle multi-EIN structures and provide a consolidated view of financials at the parent-level has resonated particularly well with these providers. Currently, multi-EIN providers have to maintain a separate QuickBooks account for each unique EIN, which is a huge administrative burden. We expect to close more mid-market deals in the coming months, which have 3-4x higher ACVs compared to our single-EIN providers.
Fast Sales Cycle
We’ve been especially encouraged by the relatively quick sales cycle. Our sales process typically looks like this:
Warm intro to the provider from another provider or a channel partner (e.g. healthcare consultant).
30 minute demo call with Ethan.
30 minute follow-up call with our bookkeeping team.
Provider signs our SaaS agreement.
Given the fast-paced nature of our sales cycle, we are now investing time to improve our onboarding flow, which is critical to ensuring a delightful customer experience.
Bringing on our fourth team member
We’re excited to be bringing on the fourth member of our team in early August, who will be working closely with Ethan to 1) build out our GTM motion and 2) help out with customer support and onboarding.
Honing our GTM motion will be a core focus for us over the coming year. It’s clear to us that our Financial OS is solving a real pain point for customers and there is a clear need for our platform. Now our focus is on execution and GTM. We’re excited to share more about this fourth team member in our next newsletter!
Key metrics
Graphs
Note: these graphs don’t reflect the new providers that we have signed since the beginning of June. These will be reflected in our next newsletter.
Financials
Burn
$55,000
Bank balance
$2,061,341.36
Runway
3.1 years