Suppose you're a person in the United States with money in foreign bank accounts or the authority to sign off on them. In that case, you need to submit a document called an FBAR if the total amount in those foreign accounts goes above $10,000 at any point during the year.
Since this mostly concerns Americans who live abroad, they typically handle these filings either on their own or by hiring an accountant. Filing the FBAR can be challenging if done solo because you need to report the highest balance in your foreign accounts for the year to authorities. On the flip side, accountants who are knowledgeable about U.S. regulations can be pretty expensive.
While our initial focus was on American expats, our research revealed additional target groups. To broaden our services beyond FBAR, we sought to address financial automation for segments with intricate needs, including startup employees and founders managing stock options, startup investors handling multiple investments, individuals navigating crypto amid regulatory changes, and small business owners and side hustlers who often overlook financial benefits.
Existing solutions place excessive demands on users. Traditional Personal Finance Management (PFM) and budgeting tools require users to manually oversee their spending and assets, which, despite good intentions, often leads to abandonment. Additionally, many contemporary tools are excessively specialized, either in terms of geographic focus or asset type, resulting in the creation of yet another isolated data silo.
