In a significant development for the crypto industry, Acctual has successfully raised $3.85 million in seed funding, positioning itself as a game-changer in the realm of financial management for crypto startups. This infusion of capital, with a post-money valuation of $15 million, opens up new possibilities for Acctual to streamline financial operations and address the unique challenges faced by businesses in the crypto space.
Founded by Atikh Bana, Issa Hassan, and Mohamedeq Mohamed, Acctual boasts a team with strong backgrounds in product development, with prior experiences at renowned companies like Stripe and Google. The company has emerged with a clear vision: to become the future of payments for B2B transactions in the crypto world. Acctual aims to bridge the gap in financial automation processes, specifically tailored to the needs of crypto businesses.
Addressing the Gap in Crypto Financial Automation
Unlike traditional Accounts Receivable (AR) and Accounts Payable (AP) automation processes designed for conventional financial systems, Acctual focuses on web3, addressing the challenges and fragmentation unique to the crypto space. Atikh Bana emphasizes the need for standards and processes in financial operations within web3, and Acctual is positioned as a solution to bring order to the complexities faced by crypto startups.
Acctual sets itself apart by prioritizing “breadth versus depth,” concentrating on being a comprehensive tool rather than a specialized one. The founders have developed an automation process for AR and AP, encompassing both fiat and digital assets. This ensures timely payments, prevents overpayments, and guards against fraudulent or malicious invoices. The platform’s beta phase is currently being tested globally by native web3 organizations, ranging from Series A startups to more established companies seeking a robust financial operations system.
Use of Funding
The $3.85 million seed funding, co-led by Third Prime and IDEO, along with prominent investors like Alchemy Ventures and Nium founder Prajit Nanu, will be instrumental in propelling Acctual towards achieving product-market fit and scaling its business and team. The company aims to continue refining its financial operating system, with a focus on reducing fraud and spam, syncing crypto transactions with popular accounting software like Quickbooks or Zero, and ensuring seamless operations for businesses dealing with digital assets.
Acctual’s ambition extends beyond its current capabilities. The long-term goal is to enhance payment routing and create a global network of exchanges, simplifying the first and last miles of crypto transactions. Atikh Bana envisions a future where digital assets feel as familiar as fiat currency but operate with greater speed and efficiency.
With its recent funding success, Acctual is poised to revolutionize financial management for crypto startups. By prioritizing web3 and developing a comprehensive financial operating system, Acctual aims to bring order, security, and efficiency to the intricate world of crypto finances.
What sets Acctual apart from other web3 finance-focused startups?
Acctual distinguishes itself by focusing on “breadth versus depth,” providing a comprehensive tool for managing accounts payable and receivable in the crypto space.
How does Acctual address security concerns in crypto transactions?
Acctual’s automation process ensures secure payments by verifying the correct vendor or crypto wallet address, reducing the risk of fraud and spam.
What is Acctual’s long-term vision for the crypto industry?
Acctual aims to build a global network of exchanges to streamline the first and last miles of crypto transactions, making digital assets as user-friendly as fiat currency.