Abacus

Wealthtech (Retail) | Personal Finance Management

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256 VISITORS | 672 VIEWS

FOUNDING YEAR: 2013

LOCATION:

United States

REGION:

NY

Last Update:
27 Jun, 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

LATEST RESEARCH

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