The Hartford-based personal finance software site, Geezeo.com, is launching a new product that will place their online finance tools onto the Web sites of mainstream national banks and credit unions.
The company’s newly released personal finance management software allows banks and credit unions to purchase a license for Geezeo’s personal finance tools and offer them on their own Web site. The tools include expense management, goal tracking and budgeting features aimed at helping bank customers follow their budget online.
“It’s the banks’ product, but Geezeo hosts it,” said Peter Glyman, a co-owner of the Web site, which is backed in part by CNBC TV star Jim Cramer, co-founder of TheStreet.com. “It will help us diversify the company and reach more potential customers.”
Geezeo.com allows users to link their bank accounts to the site and automatically update their balances. Users can also organize a personal budget and join a social network that offers ideas on how to spend money more efficiently.
The two-year-old company is attempting to crash social networking’s inner circle and sees the potential partnership with banks and credit unions as a way to reach a wider audience.
“We are trying to reach an audience that may only be comfortable with sharing their personal information with banks they are familiar with,” Glyman said.
TheStreet.com invested $1.2 million in Geezeo in April and has an option to buy the site outright for $12 million within a year.
Experts said the partnership with TheStreet.com and Cramer, star of CNBC’s popular “Mad Money” TV show, sets the stage for explosive growth at Geezeo.
Glyman said he is appealing to the “plastic generation,” those 35 years of age and under who have grown up paying for everything on credit and debit cards.
Glyman and co-owner Shawn Ward started the company in Framingham, Mass., in 2006 with about $1 million they raised from family and friends and a single private investor. The duo moved to Hartford last year.
