Finance in the cloud

“This launch was planned in February, but one greedy little man had a plan to invade Ukraine. So we had to evacuate Fuel's Ukrainian team over those last two weeks.” That’s not something we hear every day in a maker comment.

Alyona Mysko started working on Ukraine-based Fuelfinance after being a start-up CFO for over eight years. “Founders are not financially savvy, and good CFOs are expensive and often not a priority. State of the art is Quickbooks + Excel spreadsheets. ERPs like Netsuite cost $100k+ and 12+ months of setup to start with,” she shares.

Yaroslav Azhnyuk, who previously co-founded Petcube (one of the most prominent startups originating from Ukraine) was one of Fuelfinance’s clients. He first joined the company as an advisor and later as a co-founder, helping Mysko and team build a product that feels faster, affordable, and not-looking like it came from the 90s.

The start-up wants to act as a cloud-based financial department for other companies. Its web-based app paired with in-house consultants help put together profit and loss statements, financial projections, and budget runway for the next 6-12-18 months, estimating what may happen and what’s likely to happen.

Fuelfinance saw great support from the community when it launched last week with over 1,100 upvotes. One maker expressed interest sharing, “the pain point is undeniable,” while others vouched that the product saves them from headaches.

With recent news of fintech unicorn Ramp raising yet another massive round and Mercury helping founders get minimal dilution funding, we’re seeing a lot of products aimed at supporting founders in managing and automating their finances in more non-traditional ways.

So, what do you think, is it about time we…

Community-monitoring tool Orbit is launching Gravity today, a print and web magazine about building and scaling communities.

This first issue covers analytics tools, how to determine community KPIs, and suggestions from experts on which metrics they track and why.

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