San Francisco-based company, Numeral, is at the forefront of redefining accounting for high-volume businesses.
In their latest funding move, Numeral has secured $3m in an oversubscribed seed round. The investment was spearheaded by Bienville Capital and saw contributions from AngelList Quant Fund, executives from Kruze Consulting, and accounting magnates of high-volume entities.
Diving into its functionalities, Numeral has introduced its cutting-edge real-time subledger for businesses handling high volumes. Since its inception last June, the platform has gained momentum and has been embraced by a spectrum of high-volume firms like AllTrails, Gabb Wireless, Scribd, Hipcamp, and Elysium Health.
With the newly acquired funds, Numeral plans to channel the capital towards bolstering their workforce and doubling down on their product development efforts. Their mission? To transform the accounting sector by addressing prevalent challenges like data fragmentation, accounting intricacies, and the mounting volume issues that fast-evolving businesses grapple with.
Central to their offerings is a contemporary subledger, meticulously crafted to manage an infinite transaction influx. This subledger proves instrumental for transaction-level cash reconciliation, revenue analysis, and data harmonisation.
Numeral founder and CEO Christopher Kim remarked, “Accounting leaders at high-volume businesses face no shortage of pain points when it comes to financial reporting. Transaction-level cash reconciliation and revenue reporting are common problems, but just the tip of the iceberg.” He further added, “Numeral is bridging the gap between accounting and engineering to be a self-serve product for our end users, accountants.”
Kim also highlighted the significance of this financial milestone, noting, “This is a significant milestone for Numeral and allows us to further invest in our team, customers, and technology. There is a future that exists where every transaction and financially relevant event is accounted for in real-time, immediately upon it occurring. We’re accelerating to that future.”
Keep up with all the latest FinTech news here
Copyright © 2023 FinTech Global