OnTrajectory had a big close to 2019, which is setting up the company to grow business in 2020.
CEO Tyson Koska said the Baltimore fintech startup notched a trio of notable wins and partnerships that are representative of the areas where it’s finding traction.
The company makes a financial planning tool that helps users understand data about their current status of their finances and make a plan over the long-term. It was designed as a consumer-facing tool to help users “get on track, stay on track, measure progress over time and achieve financial independence,” Koska said.
But in doing so, it provides advanced capabilities. So while it’s designed for regular people, there’s also potential benefits to the financial planners who provide advice and help folks make plans.
A pair of recent agreements drive that idea home.
In Boulder, Colorado, the North Metro Fire Rescue District tabbed OnTrajectory, and made the platform an employee benefit. That means the financial planning tool is available to 180 firefighters and staffers. Koska said a connection came about after his appearance on “ChooseFI,” a popular podcast in the push for savings known as Financial Independence Retire Early (FIRE).
“We’ve got firefighters on FIRE, basically,” Koska quipped.
Within the same two weeks, the company also signed up a financial advisory firm — the name of which is not being disclosed — that’s making OnTrajectory the software for 200 clients. In that case, a firm that’s in the financial planning business turned to the tool because it could add value to their own expertise.
While the cases are different, Koska said the exact same software is being used in each.
“It proves out our thesis, that we can make a tool that is easy and compelling enough for a consumer, but deep enough and technical enough that a financial advisor can use it to help their clients,” Koska said.
OnTrajectory also now has a partnership with ChooseFI. The company is providing the technology portion of education courses on financial literacy offered by the service.
With the growth, Koska said he is looking to add to the company’s four-member team, including someone who will focus on the market for folks adding the tool as part of employee benefits.
Now Koska sees growth in three distinct areas: consumer, B2B and education. The growth continues to be organic for the bootstrapped company, but Koska now sees potential for big gains in 2020.
“The tool is so versatile it can be used easily in any of those capacities,” he said.-30-
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