Quick take:
- The oversubscribed round was led by FTX Ventures.
- Tactic presents information in an accounting-ready format that syncs to general ledger software such as QuickBooks.
- The platform works with existing custody solutions such as Coinbase and traditional financial software like QuickBooks.
Web3 accounting platform, Tactic, today announced that it has raised $11 million in new financing, in addition to the $2.6 million seed funding announced when the startup emerged from stealth in May.
The latest oversubscribed round was led by FTX Ventures with participation from Lux Capital, Exponent Founders Capital, Definition Capital, Coinbase Ventures, and insiders Founders Fund, Ramp, Dylan Field, Elad Gil, and Sabrina Hahn.
The new funds will be used to hire engineers and expand the platform to support new blockchains and financial workflows.
Tactic is a crypto accounting solution for businesses that deal with cryptocurrency. The platform provides a clear view of an organisation’s treasury and a transaction audit trail by aggregating data across different sources.
Companies using the platform can connect their digital wallets and have information presented in an accounting-ready format that syncs to general ledger software such as QuickBooks.
As the crypto space is seeing increasing regulatory scrutiny, Tactic is one of the few crypto accounting solutions that have emerged in recent months that provide the tools to help Web3 businesses streamline their financial operations.
“We are seeing increased regulatory scrutiny and a focus on financial compliance and auditability in the crypto space,” said FTX Ventures General Partner Ramnik Arora who led the financing. “Solutions like Tactic will be critical to the success of Web3 adoption by enterprises,” he added. Earlier this year FTX announced the launch of FTX Ventures, a $2 billion venture capital fund focused on backing the world’s best teams building in the digital asset ecosystem.
Since launching last year, Tactic has signed up customers from various sectors including NFT, DeFi and protocols. Tactic works with existing custody solutions such as Coinbase and traditional financial software like QuickBooks, and is partnering with Web3 insurance provider Vouch, which announced $90 million of new funding last fall.
Tactic joins four other crypto accounting platforms that have announced funding over the last seven days. Last week, four crypto accounting platforms announced their funding, starting on Sep 20 with Israeli accounting data aggregator, Tres, which raised $7.6 million. The following day, another Israel-based Web3 accounting startup, Nilos, announced its $5.2 million seed funding.
Integral, a real-time accounting platorm for Web3 businesses, raised $8.5 million, while Web3 finance management platform, Headquarters (HQ), raised $5 million in a pre-seed round.
With increasing regulatory pressure, it’s evident that crypto accounting infrastructure is fast becoming a niche in the market to meet the rising demand for Web3 accounting tools that can solve complex crypto transactions in large volumes.
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