Acctual Raises $3.85 Million to Build an Accounting Stack For Web3

Web3 accounting tool Acctual, has raised a $3.85 million seed round to create an accounts payable automation process for crypto and digital assets.

The round was co-led by IDEO and Third Prime with participation from Soma Capital, OrangeDao, Adventure Fund, Aave, Messari’s Ryan Selkis, and more. 

Acctual was co-founded by Atikh Bana, Mohamedeq Mohamed, and Issa Hassan. Bana and Mohamed backgrounds working at Stripe, while Hassan was previously a software engineer at Google. 

After spending years building finance and accounting products at Stripe and Google, the three co-founders came realized that finance teams were missing an essential function in their business – accounts payable and receivables for digital assets. 

As it stands, finance teams are currently juggling between multiple tools or having to do hours of manual entry to send or receive a simple payment.

With Acctual, finance teams can ensure accurate payments to the correct vendors and wallet addresses while protecting against spam and fraud. The tool also syncs with accounting tools such as QuickBooks or Xero.

While the team will initially focus on crypto-native companies, their goal is to help bring crypto payment adoption to mainstream companies eventually.

With global B2B payment volumes of $25 Trillion in the U.S. and more than $125 Trillion worldwide, stablecoins offer a better solution for payments between companies.

While the product is currently in closed beta, Acctual plans to launch it officially soon.