Flychain newsletter for January 2024
Financial OS demo and new signed channel partners
Highlights from January 2024
Presenting the first version of our Financial OS
We now have a working demo of our full Financial OS, which you can find here. This was the demo that we shared with Right At Home, which is a franchise in home health that we are currently exploring a partnership with.
The full platform includes the following functionality:
Financing
Financial Reports
Full-service Bookkeeping
Savings Opportunities
Valuation Services
The early feedback on our Financial OS platform has been overwhelmingly positive and has enabled us to re-engage with several channel partners.
We’ve already demo’d our platform to many of our investors and advisors - if you’re interested in getting a live walkthrough, we’d love to find time to get your thoughts and feedback.
Signing 21st Century Consultants
In January, we secured a partnership with 21st Century Consultants, which helps 600-700 home care agencies get accredited and launched every year. While their customers are small, we are working on a partnership whereby these agencies would get access to our Financial OS upon signing up with 21st Century.
Health Engine Accelerator Program
Flychain was selected to join the Health Engine Accelerator Program through UC Berkeley. We join a group of stellar founders and we hope that this program will help us open additional doors in the healthcare ecosystem.
Building our Financial OS
We are on track to launch the MVP of our Financial OS in mid-to-late March. We’re currently building a wait-list of providers that have committed to using the Financial OS. Once the platform is live, we’ll start reporting on monthly SaaS revenue and number of customers paying this SaaS fee, which will be the main metrics that we focus on moving forward.
Key metrics
Graphs
Principal
We broke yet another monthly record for principal with $498,318.65 in originations in January 2024. We attribute this growth to scaling our existing channel partnerships as well as an expansion of the credit products that we offer as highlighted in last month’s newsletter.
Number of providers actively financed
Even more excitingly, we actively financed nine providers in January, which is double the number in December 2023. We’re excited to grow the number of providers that we are actively financing, as these represent more customers that we can upsell onto our Financial OS.
Financials
Monthly burn
$50,000
Bank balance
$2,197,284.14
Runway
3.6 years