Accounting solution Libra closes Series A on $7.8m

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fintech insurtech wealthtech regtech ai cybertech esg news

Accounting, audit and tax software solution Libra has closed its Series A funding round on $7.8m.

The lead investor was not named, but is a multi-billion-dollar European family office. Other participants to the round included Liberty City Ventures, Boost VC, and Lee Linden.

Launched in 2014, the company provides businesses with financial software for the blockchain and cryptocurrency industry. The solution helps to automate and optimise accounting, auditing and tax processing, all within real-time.

Recently the company moved its offices to New York, from San Francisco to help boost customer sales and implementations.

This capital will enable the company to continue the development of its platform and the release of new applications and data services.

Libra CEO Jake Benson said, “We provide our customers three core components of value. First, a single on-ramp that connects to the many data sources within the ecosystem. Second, the real-time data processing engines and services required to continuously and automatically standardize and deliver accurate financial information.

“And third, blockchain-native software that’s purpose-built for this industry by a team of engineers who have designed and delivered some of the most scalable and secure financial software platforms in the world.”

This capital injection brings the total funding by the company to $9.8m, with a previous $2m seed round led by Liberty City Ventures and Fenbushi Capital.

Over the past month there has been a selection of accounting solutions receive funding, with smart finance platform ScaleFactor closing a $2.5m funding round from a selection of investors. The Austin-based company is using the new equity to further the development of its platform.

Other recent activity includes digital tax reporting solution OnlinePajak netting an undisclosed Series A, TreasuryXpress closed its $5m funding round to support the expansion of its product reach, and accounting management solution AbacusNext acquiring document automation software HotDocs.

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