It is not often that we encounter a startup that chooses to enter an acceleration program after picking up hundreds of thousands of users for their service, but that is exactly the case with Czech startup BudgetBakers (formerly known as Wallet), which has opted for the mentorship at Prague-based accelerator StartupYard.
BudgetBakers positions itself as a comprehensive tool for managing your money. Users are provided a dashboard for accounts, records on cashflow, details on expenditures, information on standing orders, warranties, debts, and more. The apps for Android and iOS are free to download, but the company generates revenue by charging subscription fees for those who need cash-flow charts, more accounts (the free plan allows for 2), or who would like to automatically sync their data across devices (the free option allows users to do it manually). The platform is free to use, but the prices for the paid plans are quite low, running 1.99 Euro monthly (or 9 Euro annually) up to 9.99 Euro monthly (79 Euro annually), depending upon how many accounts you need.
Some people enter the business world with a clear plan on how to proceed, but it is certainly not universal. In the case of BudgetBakers, founder Jan Muller created the project as nothing more than a hobby, but it has become something serious, with the development team joining the company full-time last year. Despite having not previously been a serious project until recently, the service has come to be quite popular, with the company claiming 200K active users and more than 700K downloads from 220 countries. Despite being based out of the Czech Republic, they actually do much of their business outside of Europe, telling me that they have found the greatest amount of success in the United States, followed by the Czech Republic (naturally), Asia, and South America.
Although the company has already released apps for iOS and Android, they are not satisfied, as investor and co-founder Martin Jiricka tells me that they are looking to StartupYard for assistance with their updated apps for Android and iOS. Jiricka says that they are already generating enough revenue from the Android app to cover their costs, but they are still aiming to improve their Android offering, build a killer iOS app, and to expand their team.
In addition to Jiricka, the startup claims funding from StartupYard and Michal Illich. They do not wish to reveal their total funding, but we know that StartupYard offers 30K Euro to projects that enter their program.