As adults, we’re all thrust into the world with expectations of succeeding financially, but too often, we aren’t given the tools to set ourselves and our communities up for long-term stability. How can we all pursue the American dream without a clear roadmap for today’s ever-evolving landscape?
Faced with this massive challenge, software veterans Matthew Bellows and Bernie Bernstein of Bodeswell (MC 2021 alum, now acquired by American Express) recognized an opportunity to level the playing field. “All this financial planning knowledge exists, but it’s unevenly distributed. It’s distributed primarily to the wealthiest part of our country and to the people who feel most comfortable working with the current financial advisors. We are here to change that,” shared Matthew. Their solution? A user-friendly, drag-and-drop financial tool designed to empower millions of Americans who lack access to financial advisors – helping them map life events, forecast financial scenarios, and gain strategic insights, all without the high costs of traditional financial planning.
How did these founders go from idea to acquisition? Despite a clear vision and a compelling founding team, breaking into the financial services industry as tech entrepreneurs was no easy feat. That’s when they recognized they needed a zero-equity solution to help fill in the gaps. In 2021, the Bodeswell team applied for the MassChallenge FinTech Challenge Program – and the rest is history.
“Participating in MassChallenge was one of the smartest things we did at BodesWell. From the application to the numerous opportunities to pitch, we honed our value proposition. Through MassChallenge, we connected with John Hancock, learned a ton about their business needs, and secured a pilot agreement with them. This interest catalyzed our previous partnership with American Express and helped us exit to them. We are huge fans of the MassChallenge team at BodesWell!”
— Matthew Bellows, Former Co-Founder and CEO, BodesWell
BodesWell’s innovative approach to self-service financial planning caught the attention of Amex Ventures in 2020. Over the next two years, BodesWell worked closely with American Express to develop and launch My Financial Plan (MFP) – a self-service digital financial planning tool that provided Amex cardmembers with holistic insights into their financial health. With a successful pilot involving 25,000 users, the partnership validated BodesWell’s potential to transform financial planning for individuals and their communities at scale.
In 2022, American Express acquired BodesWell, integrating its technology and team into the company’s Digital Labs division. This milestone reinforced the founders’ vision: democratizing financial planning and helping more people achieve their life goals.
BodesWell’s success exemplifies our mission at MassChallenge – to equip bold entrepreneurs to disrupt the status quo and create meaningful change. As we celebrate 15 years of acceleration, we’re proud to contributed to solving massive challenges, by championing all founders, whether they fit or break traditional molds of venture providing access to the connections, knowledge, and opportunities needed to make an impact, now. BodesWell’s journey from concept to acquisition by one of the world’s most recognized financial brands is a testament of how connectivity can make anything possible.
Next time you see an Amex card pulled out, remember Matthew and Bernie’s story: when innovators gain access to the interconnected humans of a global entrepreneurial ecosystem without needing to sacrifice their equity, anything is possible.
Are you ready to be the next BodesWell? Apply to MassChallenge today and take the next step toward scaling your startup!