BOB, a Miami financial technology startup, has raised $5.5 million in seed funding to expand its AI-powered financial assistant for small business owners.
Mischief, the venture firm founded by Plaid co-founder Zach Perret, led the round. Peter Thiel, Codie Sanchez, Zynga founder Mark Pincus, Karman Ventures and other investors and operators also took part.
BOB does not ask owners to log into a software dashboard. It performs tasks through channels they already use, including WhatsApp, text messaging, Slack, Microsoft Teams, email and its own app. It keeps financial records accurate, sends bills, accepts payments and shows cash flow in real time. The company is focused on Main Street service businesses such as roofing contractors, restaurants and local services firms.
What It Means for Miami
BOB opened a private beta last month, and 500 businesses have signed up. It is free for them for now.
The team is 10 people, all in the Miami area, which the company requires, and it is hiring. The new capital will go toward expanding the product, scaling customer co-onboarding and hiring talent in Miami. Asked why Miami, CEO Adam Wininger pointed to higher salaries in San Francisco.