Acctual raises $3.85 million to help crypto companies better manage their bills. Atikh Bana, the co-founder and CEO of Acctual, disclosed to TechCrunch in an exclusive interview that the firm has successfully received $3.85 million in seed investment at a post-money valuation of $15 million. The company’s goal is to assist cryptocurrency entrepreneurs in managing their funds.
Bana stated that Acctual is a more effective method of managing invoices and bills in cryptocurrency. “At a high level,” he remarked. The method is comparable to a genuine accounts payable automation system for digital assets.
In the round that Third Prime and IDEO co-led, Alchemy Ventures, OrangeDAO, Soma Capital, Messari’s creator Ryan Selkis, Nium founder Prajit Nanu, and other investors participated. Notable investors include those mentioned above. It was said that the funding would be utilized to assist the company in determining the product-market fit and scaling its business and staff.
Bana, Issa Hassan, and Mohamedeq Mohamed were the founders of Acctual. Through their time spent at Stripe, Bana and Mohamed have acquired experience in product development. On the other hand, Hassan has a software engineering background and has worked at Google in the past. According to Bana, the concept that we may become the future of payments for business-to-business transactions was one of the early ideas that we considered.
According to Bana, most of the automated procedures for accounts receivable (AR) and accounts payable (AP) are designed for firms operating in the traditional financial sector, as opposed to those operating in the cryptocurrency realm. “We wanted to build something in web3 and address the problems and fragmentation, and there is an opportunity to help bring standards and processes to financial operations web3,” said the statement.
Although many firms in the market focus on web3 finance, such as Bitwave or Crypto, Acctual plans to differentiate itself by concentrating on “breadth versus depth.” as Bana said, when you try to be an accounting product that is also an accounts payable and receivable solution, you are straining yourself well beyond your capabilities. Therefore, we are serious about developing an instrument that addresses the issues causing discomfort in that area.
An automation mechanism for augmented and augmented assets (AR and AP) of fiat and digital assets was developed by the founders to “ensure things are paid on time; you’re not overpaying things, paying with the wrong wallet, or not paying malicious invoices, things like that,” as stated by Bana.
The beta version of the financial operating system is now being evaluated worldwide by “native Web3 organizations.” These organizations range from startups that have reached the Series A stage to businesses that need a suitable financial operations system.
Payment of the proper vendor or cryptocurrency wallet address, monitoring and approving invoices, and synchronizing cryptocurrency payments and invoices with QuickBooks or Zero are some features that emphasize minimizing fraud and spam.
According to Bana, the long-term objective of Acctual is to “be able to better route payments,” and the company is also contemplating “what does it look like to build a network of exchanges around the world to help with the first and last miles for cryptocurrency transactions where you can offramp?” “Some of the various nuances that make digital assets feel like fiat—the big idea here is to make it feel like what is being done today, but faster and better,” said the company’s chief executive officer.
