InScope, a newly launched FinTech company, has successfully raised $4.3m to expand its innovative financial reporting and auditing platform.
According to PYMNTS, the funding round saw significant contributions from prominent investors such as Lightspeed and Better Tomorrow Ventures.
The company is dedicated to transforming the traditional processes involved in financial reporting and auditing for private companies. InScope utilises advanced technologies, including generative AI and large language models, to automate and streamline the compilation of financial statements—a task historically prone to errors and extensive manual effort.
The fresh capital will be used to enhance InScope’s platform capabilities. According to the company, this technological advancement allows accountants to shift their focus from laborious, manual tasks to more strategic initiatives. By doing so, InScope aims to empower finance professionals with the tools to complete reporting and auditing tasks quickly and efficiently.
Additional insights into the company’s mission and vision were shared, highlighting the practical applications of its technology. InScope’s system compiles data from a company’s core systems, such as ERP, alongside publicly available information, then transforms these inputs into GAAP-compliant financial and audit documents.
InScope CEO and co-founder Mary Antony said, “Our technology dramatically reduces the time and effort required for financial reporting and auditing, eliminating the need for outdated manual processes.” Her co-founder and COO, Kelsey Gootnick, also emphasised the transformative potential of InScope, which they conceived out of their own frustrations with existing financial processes.
The company has already begun collaborating with a select group of companies to refine and enhance their financial reporting capabilities. Venture capital investor at Better Tomorrow Ventures, JC Bahr-de Stefano, commented on this partnership: “InScope is already working with a handful of companies to help streamline their financial reporting needs and enable accountants to complete their reporting tasks in minutes instead of months.”
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