Acctual secures $3.85M to aid crypto firms in improving bill management
Acctual Raises $3.85M in Seed Funding to Revolutionize Crypto Finance
Seed Funding for Acctual
Atikh Bana, the co-founder and CEO of Acctual, revealed in an exclusive interview with TechCrunch that the company has secured $3.85 million in seed funding, valuing the company at $15 million post-money. The funding is aimed at assisting crypto startups in managing their finances more effectively.
Investors and Capital Utilization
The round was co-led by Third Prime and IDEO, with contributions from Alchemy Ventures, OrangeDAO, Soma Capital, and industry figures such as Ryan Selkis and Prajit Nanu. The company has disclosed that the capital will be used to help find product-market fit and scale its business and team.
Description of Acctual
Describing Acctual, Bana explained that it is a platform designed to streamline the management of invoices and bills for digital assets. He emphasized, “It’s like a true accounts payable automation process for digital assets.”
Founding Team and Vision
The company was co-founded by Bana, Issa Hassan, and Mohamedeq Mohamed, with the team boasting backgrounds in leading tech companies like Stripe and Google. Bana highlighted the company’s vision, stating, “One of the earliest ideas that we thought about was how we can become the future of payments for B2B.”
Addressing Crypto-Specific Challenges
Bana noted that Acctual aims to address the unique challenges faced by businesses in the crypto space when it comes to automating Accounts Receivable (AR) and Accounts Payable (AP) processes, emphasizing that existing solutions are primarily tailored to traditional financial environments.
Features and Focus
The automation process developed by Acctual is focused on ensuring the timely, accurate, and secure processing of payments for both fiat and digital assets. The platform also offers features such as reducing fraud and spam, monitoring and approving invoices, and syncing crypto transactions with mainstream accounting software.
Long-Term Goals
Looking to the future, Acctual aims to “be able to better route payments” and establish a network of exchanges worldwide to streamline the first and last mile of crypto transactions. Bana envisions a financial operating system that makes digital assets feel as secure and convenient as traditional fiat transactions, but faster and more efficient.
In its beta phase, Acctual’s financial operating system is currently being tested globally by a range of web3 organizations, with a particular emphasis on addressing the financial needs of Series A startups and companies seeking reliable financial operations systems.
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