Abacus

wealthtech (retail) | personal finance management

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370 VISITORS | 799 VIEWS

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

MEDICI analysts will analyze Abacus soon

TRACTION

Insufficient information for accurate analysis

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

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