Abacus

wealthtech-retailpersonal finance management

FOUNDING YEAR: 2014
LOCATION: Kenya
Last Update: 09/07/2020

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About

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

The company offers two types of pricing plans for business; Starter plan: It charges $9 per month per active user(team size is less than 50 people). Professional plan: It is customized pricing and for teams with higher expense volumes each month.

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.

Traction

VALUATION / MARKET CAP:

$23.33 M in 2016

Momentum

FUNDED

YES

TOTAL FUNDING

$120 K

TOTAL FUNDING COMMENT

An undisclosed fund raised in July 2016.

SEED & PRIOR FUNDING

$120 K

SEED PRIOR FUNDING COMMENT

plus undisclosed amount

LISTED

NO

BASICS

FOUNDING YEAR:

2014

LOCATION:

Kenya

Views:

391 VISITORS | 945 VIEWS
LATEST FUNDING ROUND

$120 K

TOTAL EMPLOYEES
1-10

About

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

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive Slack community where you can engage in discussions with global industry experts!

Focus+
Momentum+
Traction+
People+
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