- Cryptocurrency accounting firm Tactic has raised $2.6 million in funding.
- Founders Fund and financial automation company Ramp led the investment cycle.
- The new capital will help the company add talent and continue to develop its platform.
As more businesses look to diversify their finances with cryptocurrencies, a new US-based startup has arrived to help these businesses better manage their cryptocurrency holdings.
The company, Tacticalannounced today that it has raised $2.3 million in seed funding. The investment was co-led by Founders Fund and Ramp, a financial automation company. Also participating in the financing were individual investors Elad Gil and Dylan Field, co-founder of Figma. Tactic said that, among other needs, the new capital will help the company hire additional talent.
Tactic helps companies account for their cryptocurrency holdings by aggregating data from disparate sources – often multiple wallets across multiple blockchains – to provide a comprehensive cash view of all balances and account activity. Tactic allows companies to automatically categorize their transactions and apply basic accounting logic and rules to calculate gains/losses and identify taxable events. Accounting teams can also use the platform to reconcile the cryptocurrency sub-ledger with traditional accounting systems such as QuickBooks.
“Tactic solves a real problem for businesses managing cryptocurrency finances and the product is already saving crypto accounting teams days every month,” said Leigh Marie Braswell, director of the Founders Fund. “We believe Tactic has the potential to become a major player as more companies turn to Web3.”
Founded by CEO Ann Jaskiw and launched in 2021, Tactic has since attracted “dozens” of clients, from early-stage startups to billion-dollar companies. Jaskiw started Tactic after learning that many companies involved in web3 were using spreadsheets for their accounting because there were no other solutions available for them. In contrast, Tactic developed its solution in part by partnering with leading accounting firms to help them apply accounting guidelines to common activities in the DeFi world such as staking, NFT, minting, and airdrops.
Tactic’s Vice President of Strategy and Operations, John Dempsey, put Tactic’s platform in the context of other fintech solutions that leverage automation and other enabling technologies to make operations more efficient. effective. “Companies now expect back-office solutions that help them get started quickly and automate their manual tasks,” Dempsey said. “Tactic makes it easy for businesses to conduct cryptocurrency transactions, knowing they can manage their financial activity in a clean and compliant manner.”