Startups Unbundle Analyst Workflows
Rogo
The real opening for startups like Mosaic is that analyst work is breaking into narrow, repeatable jobs that can be sold one by one. Financial modeling, memo writing, deck building, and diligence used to live inside one expensive terminal and a team of junior bankers. Now a startup can win by automating one painful step, plugging into Excel or a CRM, and charging far less than a Bloomberg, FactSet, or CapIQ seat bundle.
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Mosaic is the clearest example on modeling. It focuses on Digital Deal Modeling, generates and verifies Excel outputs, and is moving from private equity into investment banking through an Evercore partnership. That makes modeling look more like a software module than a craft service delivered by analysts.
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The same unbundling is happening in adjacent jobs. Hebbia is strongest where teams need to work across huge document sets, like virtual data rooms, contracts, and financial statements, to produce diligence matrices, memos, and pitch materials. Velvet does a similar job for private investors, pulling decks, emails, CRM records, and market data into memo and diligence workflows.
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Incumbents still have one big advantage, the data layer. AlphaSense, Bloomberg, FactSet, and similar platforms bundle licensed research, filings, transcripts, and internal knowledge search. That makes specialist tools faster to deploy, but harder to turn into the full daily system of record unless they add proprietary content, deep integrations, or a broader workflow surface.
Over time, the winners in this category will be the tools that start with one narrow job, then pull neighboring tasks onto the same surface. Modeling tools will add diligence checks. Diligence tools will add memo and deck generation. The market is moving from one giant research terminal toward a stack of workflow agents, and the strongest startups will be the ones that become the default place where financial work actually gets done.