BodeTree wants to help small businesses secure funding from banks in the US. Less than three months after expanding into funding services, the startup announced that it will now be offering its automated funding and analytis services for free, according to VentureBeat.
BodeTress said is now platform agnostic and it has support for Quikbooks and Xero. Support for Freshbooks will also be out soon. Clients who want to access the company's more advanced features will have to subscribe to the service for a $50 monthly fee, the report detailed.
Unlike most lending startups, BodeTree does not want to disrupt the lending industry or compete with banks. Instead, the firm simple wants to tap into the existing reserves of banks to help startups take off, the report explained.
In spite of the difficulties in the industry, BodeTree said it has already signed up eight banks for its services. The firm has also established its presence in 32 US states within the last three months. The eight banks have a total of $45 billion in assets, VentureBeat reported.
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