New York Crypto Accounting Startup Tactic Raises $2.6 Million Funding
Nicholas Otieno May 05, 2022 04:35
Tactic offers solutions for businesses’ crypto and DeFi accounting needs, helping themselves successfully to raise $2.6 million in a funding round.
Tactic, a rapidly growing crypto accounting platform based in New York, announced on Wednesday that it has raised $2.6 million in a funding round.
The funding was co-led by Founders Fund, a San Francisco based venture capital firm, and Ramp, a finance automation platform based in New York. Major tech investors, including Elad Gil and Dylan Field, also participated in the funding.
Tactic said it would use the fresh funding to expand its team and develop its accounting products. Tactic’s accounting platform helps crypto businesses to manage and increase their cash flow.
Eric Glyman, Ramp CEO and Co-founder, highlighted why his firm invested in Tactic, stating that Ramp believes there is a need for simple, intuitive solutions for businesses transacting with cryptocurrencies.
Meanwhile, Marie Braswell, Founders Fund Principal, confirmed that Tactic’s product is already serving crypto accounting teams regularly.
Ann Jaskiw, the CEO and founder of Tactic, also commented on the development and elaborated that: “Tactic is tackling the problem of accounting for a business’s cryptocurrency holdings and on-chain activity by aggregating data across disparate sources to give businesses a full treasury view of their balances and activities. Tactic’s software helps companies automatically categorise transactions and apply accounting logic such as calculating $USD gain/loss and taxable events. Accountants can then reconcile a business’s crypto-sub-ledger to traditional accounting software like QuickBooks.”
Jaskiw disclosed that she founded Tactic after learning that founders in web3 were handling their accounting in spreadsheets and existing accounting software providers were not built to handle cryptocurrency transactions. She noticed that blockchain and crypto firms struggled to make sense of their fragmented activity and identified that decentralised finance (DeFi) transactions were the most problematic.
Since its launch in 2021, Tactic has managed to partner with accounting companies to assist in interpreting accounting guidelines for DeFi-specific activities like airdrops, staking, and NFT minting. The accounting platform has signed up multiple customers, ranging from early-stage startups to billion-dollar enterprises across industries, including DeFi, NFTs, and protocols.
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