Entendre Raises $4M to Launch an automated Blockchain accounting solution powered by AI

TL;DR We are excited to announce our $4M seed financing round and launch of Entendre Finance, the first full end-to-end automated accounting and bookkeeping solution powered by AI for businesses in Web3.

Led by Basis Set and with participation from Valhalla, Caffeinated, Moonpay, Alumni, MDig, Alpine, and more, we have built a platform that modern finance teams can use to put on-chain financial operations on autopilot. We give businesses a competitive edge by reducing their operational costs and human capital by being the system of record of their on-chain activity and financial statements.

Over the past 20 years, businesses have been struggling to digitize their back office and accounting processes. What started with bloated on-premise solutions has rapidly evolved into cloud-based technology. However, as the internet continues to evolve and consumers adopt blockchain technology, traditional Web2 and Web3 companies will need to further adapt to maintain their financial health while balancing consumer demands seen in this rapidly growing decentralized economy. Fintech platforms designed to support Web3 SMBs are projected to be a $5.2B industry by 2023, with a CAGR of 34%, and will reach $12.5B by 2026.

While blockchains are labeled as ledgers, they lack the business context needed to provide the accounting treatment. Despite this, the digital nature of the blockchain provides a unique opportunity to automate the entire lifecycle of each transaction, which will save millions of human hours at scale.

2022 was a tumultuous year for the industry due to events such as UST, FTX, and Celsius, have highlighted how poor bookkeeping practices and lack of transparency of financial statements can lead to bad business decisions. Without proper systems, the manual effort increases the risk of human error when trying to close the books. Accountants are spending 70% or more of their time doing manual reconciliation and data entry, reducing their time to add strategic value to inform business decisions.

Entendre Finance’s mission is to accelerate adoption of Web3 by automating on-chain financial operations so businesses can focus on innovation. The entire platform is designed to be quickly implemented, ready for scale, and easy to customize for Web3 use cases such as payment acceptance, NFTs, DeFi, expenses and trading. Entendre Finance supports multiple blockchains and integrates with leading accounting platforms, as well as different Web3 applications.

To learn more, companies can visit Entendre.Finance to sign up, or stay up to date on Twitter. For partnerships, please contact partnerships@entendre.finance.