Acctual Raises $3.85M in Seed Funding to Help Crypto Startups Manage Finances
Seed Funding Success
Acctual, a fintech startup, recently announced that it has secured $3.85 million in seed funding at a post-money valuation of $15 million. The funding round was co-led by Third Prime and IDEO and saw participation from a number of notable investors, including Alchemy Ventures, OrangeDAO, Soma Capital, Messari’s founder Ryan Selkis, Nium founder Prajit Nanu, and others.
Better Management for Crypto Startups
The company’s co-founder and CEO, Atikh Bana, described Acctual as a platform that provides a better way to manage invoices and bills in the crypto space. He explained that it is similar to a true accounts payable automation process for digital assets. The funding will be used to help the company find product-market fit and scale its business and team.
Background and Vision
Acctual was co-founded by Bana, Issa Hassan, and Mohamedeq Mohamed. Bana and Mohamed have product development backgrounds from their time at Stripe, while Hassan previously worked as a software engineer at Google. The founders’ vision for Acctual stemmed from the idea of becoming the future of payments for B2B transactions in the crypto space.
Addressing Industry Challenges
Bana highlighted that most Accounts Receivable (AR) and Accounts Payable (AP) automation processes are geared towards traditional financial businesses, not the crypto space. The team wanted to bridge this gap by building a platform in web3 that could address the problems and fragmentation in financial operations within the crypto industry.
Platform Features and Testing
Acctual’s automation process for AR and AP covers both fiat and digital assets, ensuring timely payments, reducing fraud and spam, and syncing crypto invoices and payments to accounting software like Quickbooks or Zero. The platform is currently in its beta phase and is being tested globally by a range of native web3 organizations.
Long-Term Goals
Looking ahead, Bana shared that Acctual’s long-term goal is to improve payment routing and create a network of exchanges around the world to facilitate crypto transactions. The aim is to make digital asset transactions feel similar to fiat transactions, but faster and more efficient.
Acctual’s success in securing seed funding and its focus on addressing financial management challenges within the crypto industry underscore the growing demand for solutions tailored to the needs of startups in this space.
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