Abacus

Abacus

wealthtech (retail) | personal finance management
website linkedin address
  • FOUNDING YEAR: 2013
    LOCATION:
    United States
    REGION:
    NY
    Last Update:
    18 Oct, 2019

Description

Abacus provides a way for businesses to reimburse their employees for company expenses, reconcile corporate cards, and implement expense policy.

FOCUS

PRODUCTS & SERVICES:
Real-time based employee expense management tool for employers. Abacus: It is a mobile application that allows employees to submit photo scanned receipts and approved expenses which automatically send the reimbursements to employees. Abacus syncs with the accounting software and auto-matches transactions for hassle-free bookkeeping. It helps employers to make faster reimbursements to their employees.
REVENUE MODEL:
Viewable by subscribers only
MAIN CLIENTS:
It has around 100 customers includes Homejoy, Pinterest, URX, Foursquare, Coinbase, Betterment, etc.
EXISTING PARTNERSHIPS:
Accounting partners: Xero, Intuit, Netsuite, Sage, Intacct, Dynamics, Oracle and Quickbooks. Integration partners: Zapier, Lever, Slack, Salesforce and Zenefits.
COMMENT
Abacus leverages real-time data to generate strategic insights and provide visualized information reports. It also syncs with over 16,000 financial institutions to manage all company cards from a single dashboard.

PEOPLE

FOUNDERS:
Josh Halickman, Ted Power, Omar Qari
NUMBER OF EMPLOYEES:
1-10
INVESTORS:
Y Combinator, Bessemer Venture Partners, General Catalyst Partners ,CrunchFund, FundersClub, Google Ventures, QueensBridge Venture Partners, Sherpalo Ventures, 645 Ventures, Homebrew, Jeff Epstein, John Collison, Joshua Reeves, Lunch Van Fund, Patrick Collison, Sumon Sadhu, Ram Shriram
KEY EMPLOYEES:
Omar Qari (CEO); Joshua Halickman (CTO)

TRACTION

VALUATION / MARKET CAP:
$23.33 MM in 2016

MOMENTUM

FUNDED:
YES
TOTAL FUNDING:
$3.5 Millions
DATE OF LAST FUNDING:
Jul 2016
TOTAL FUNDING COMMENT:
An undisclosed fund raised in July 2016.
SEED & PRIOR FUNDING:
$3.5 Millions
SEED CLOSED ON:
Oct 2014
SEED PRIOR FUNDING COMMENT:
plus undisclosed amount
LISTED:
NO

LATEST RESEARCH


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