Teal has achieved a major milestone by closing an $8 million seed funding round, as reported by TechFundingNews.
The company, founded by Ian Crosby and Adam Saint, focuses on providing accounting infrastructure for Vertical SaaS businesses, addressing the critical need for integrated financial solutions. Crosby and Saint leverage their experience from founding Bench Accounting and working at Shopify to create a platform that empowers Vertical SaaS businesses to offer customized accounting suites to their SMB customers.
Teal aims to bridge the gap in seamless accounting solutions integrated into core business platforms. By providing APIs and tools, Teal enables companies to build their own accounting offerings, granting SMBs access to real-time cash flow, per-product profitability, and streamlined tax filing processes. Teal’s comprehensive suite of out-of-the-box tools allows Vertical SaaS companies to launch accounting platforms swiftly, often within four weeks. These tools include app code repositories and data integrations with sources like Plaid, enhancing the user experience for SMBs.
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Co-Founder and CEO Ian Crosby envisions Teal as the “Stripe for accounting,” providing foundational infrastructure for Vertical SaaS companies to embed accounting features seamlessly. This integration enhances customer engagement and drives the adoption of financial services features. The $8 million seed funding round was led by Torch Capital, with Partner Katie Reiner expressing enthusiasm for Teal’s mission to revolutionize SMB accounting with intuitive and streamlined tools.
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