Acctual, a fintech startup focused on payment solutions for cryptocurrency firms, announces a $3.85M seed round to further develop their bill management platform.
Acctual, a startup that helps crypto companies manage their bills and payments, has raised $3.85 million in seed funding at a $15 million post-money valuation, according to TechCrunch. The round was co-led by Third Prime and IDEO and included investors like Alchemy Ventures, OrangeDAO, Soma Capital, Messari’s founder Ryan Selkis, Nium founder Prajit Nanu and others.
Acctual was founded in 2022 by Atikh Bana, Issa Hassan and Mohamedeq Mohamed, who both have backgrounds in fintech and crypto. The company aims to solve the pain points of crypto startups that need to pay their vendors, employees and taxes in both fiat and cryptocurrencies. Acctual provides a platform that automates the invoicing, accounting and payment processes for crypto businesses, while also ensuring compliance with tax and regulatory requirements.
Acctual’s platform supports over 100 fiat and cryptocurrencies and integrates with popular crypto wallets and exchanges. The company claims to have over 50 customers, including some of the leading names in the crypto space, such as Messari, Nium, CoinDCX, CoinSwitch Kuber and Polygon.
Acctual’s co-founder and CEO Atikh Bana told TechCrunch that the company’s vision is to become the “Stripe for crypto”, enabling any business to accept and manage payments in any currency. He also said that the company plans to use the new funding to expand its team, product and customer base, as well as to explore new markets and partnerships.
The investors in Acctual’s seed round are also bullish on the company’s potential. Third Prime’s co-founder and partner Wes Barton said that Acctual is “building a critical piece of infrastructure for the future of finance”, while IDEO’s managing director Ian Lee said that Acctual is “solving a real problem for crypto-native businesses that are growing rapidly”.
Acctual is not the only startup that is trying to bridge the gap between traditional and crypto finance. In September 2022, Mesh (formerly Front Finance), a startup that helps people transfer and manage digital assets like crypto, raised $22 million in a Series A funding round led by Money Forward, with participation from Galaxy, Samsung Next, Streamlined Ventures and others. Mesh provides a service that allows users to connect different asset classes and accounts holding those assets with read, write and transfer capabilities.
As more businesses and individuals adopt crypto as a form of payment and investment, the demand for platforms like Acctual and Mesh will likely increase. These startups are paving the way for a more seamless and compliant integration of crypto into the mainstream financial system.
Reference: Acctual raises $3.85 million to help crypto companies better manage their bills
