Interview by Skyla Valade
ReInvest Wealth is Transforming Accounting
ReInvest Wealth is at the intersection of accounting software and AI, harnessing the power of automation to eliminate manual work and cut costs for small business owners. Today, we spoke with co-founder Behdad Karimi to get a deeper understanding of their journey as a startup. Here’s what we found out.
Why Accounting Software?
As with many founders, Behdad originally began the startup journey after experiencing the problem firsthand. In 2017, he was struggling with the inefficiencies and complexities of accounting. He noticed that family members with small businesses were dealing with the same issues– having to learn new software, spending hours on bookkeeping, and still paying either subscription fees or bookkeeping fees. It was a time and money-eater, and he knew that there was a better solution for entrepreneurs. The idea for an AI accountant at a fraction of typical costs was born.
Developing ReInvest Wealth
After the initial spark in late 2017, Behdad spent years building the concept that is known today as ReInvestWealth. He focused on growing his network and getting a deeper understanding of the problems that entrepreneurs were facing. After meeting his co-founders, the well-rounded team was able to launch their official beta by 2021.
Today, 93 businesses are using their software, and they’ve already had great feedback from their early adopters. The team has also been able to establish high quality partnerships with industry-leading institutions like Stripe, Wise, Plaid, and more.
Filling the Gap
Accounting software is common and popular– so what makes ReInvest Wealth different from other well-known solutions? They’re filling the gap between low cost or free software that requires high time investment, and expensive solutions like hiring a bookkeeper. Giving business owners this middle ground is still new to the market, and it’s what makes ReInvestWealth different from the competition.
ReInvest Wealth has exciting new developments on the horizon, including the launch of their AI Bookkeeper, a feature that Behdad believes will become their main differentiator.
Not to mention, they’ve collected over $20 million in real-world customer transactions that have gone through their platform to train and improve their AI. Eventually, they aim to use their data and machine learning algorithm to help business owners beyond basic bookkeeping.
“It’s so fulfilling to see business owners come back with great feedback about our platform, and to know that we’re actually making a difference, truly helping business owners.”
Founder, ReInvest Wealth
ReInvest Wealth & Fintech Cadence
As a first-time founder, Behdad was on the lookout for opportunities to learn and grow his network. This eventually led him to join Fintech Cadence, where he was able to find helpful mentors and support through the Fintech Hub. Additionally, the team is among the six startups participating in the 2023 Ascension program. Having the FC community around him has significantly helped not only the growth of his startup, but also the team’s personal development as entrepreneurs.