**Acctual Raises $3.85 Million in Seed Funding to Streamline Crypto Financial Operations**
*Co-founders Atikh Bana, Issa Hassan, and Mohamedeq Mohamed’s startup Acctual has secured a significant investment to revolutionize the way cryptocurrency startups manage their finances.*
***Seed Funding for Crypto Accounting***
Acctual has successfully raised $3.85 million in seed funding at a $15 million post-money valuation, a crucial step towards realizing the company’s goal of transforming financial operations in the crypto space. Through a conversation with TechCrunch, Atikh Bana, the company’s co-founder and CEO, shared the exciting news of this major milestone.
***Investment and Backers***
The round was co-led Third Prime and IDEO, with participation from notable investors such as Alchemy Ventures, OrangeDAO, Soma Capital, Messari’s founder Ryan Selkis, Nium founder Prajit Nanu, and others. The substantial capital raised will be utilized to drive product development, find product-market fit, and further scale the business and team.
***A Vision to Innovate***
At the heart of Acctual’s mission is to provide a comprehensive solution for managing invoices and bills in the crypto realm. Bana stated, “At a high level Acctual is just a better way to manage invoices and bills in crypto. It’s like a true accounts payable automation process for digital assets.”
***Team Background and Expertise***
The Acctual team comprises individuals with impressive backgrounds in technology and finance. Co-founders Bana and Mohamed have previous experience in product development at Stripe, while Hassan has a background as a software engineer at Google. Their vision for Acctual stemmed from their desire to revolutionize B2B payments.
***Addressing the Needs of Web3***
Bana highlighted the distinct challenges in the crypto space when it comes to Accounts Receivable (AR) and Accounts Payable (AP) processes. Existing automation processes are primarily tailored for traditional financial businesses, creating a gap in addressing the specific needs of the crypto industry. Acctual aims to bridge this gap and bring standards and processes to financial operations in web3.
***Innovative Features and Future Goals***
The startup’s financial operating system is currently in its beta phase and is being tested globally “native web3 organizations.” Some of its key features include reducing fraud and spam, monitoring and approving invoices, and syncing crypto payments to accounting software like Quickbooks or Zero. Looking to the future, Acctual’s long-term goal is to enhance the routing of payments, as well as to establish a network of exchanges for seamless crypto transactions.
***A New Era in Crypto Financial Operations***
With the support of substantial seed funding and a team of driven individuals, Acctual is well-poised to revolutionize financial operations for crypto startups. focusing on innovation, efficiency, and security, the company aims to create a robust solution that meets the evolving needs of the crypto industry.
I’m a cryptocurrency and blockchain technology journalist. My work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and VentureBeat. I’ve been a respected voice in the cryptocurrency community and my insights into the industry have helped shape its development.
