Venture capitalists have always focused on investing in companies that leverage technology to either disrupt established industries or create entirely new business categories. But some VCs are starting to flip the script on their investing styles. Rather than funding startups, they are acquiring mature businesses –such as call centers, accounting firms, and other professional service…
Category: accounting
accounting, Exclusive, Global IT News, Global Security News, Layoffs, Startups
Fintech Bench conducts layoff while others still work month-to-month
Bench, the accounting and tax startup that was bought in a fire sale last December, has conducted a round of significant layoffs, it confirmed to TechCrunch. Bench didn’t specify how many people were affected, but one person who works there estimated that Bench was eliminating dozens of positions – that’s a big chunk of the…
accounting, Exclusive, Fintech, Global IT News, Global Security News, Startups
Bench is charging people for services they already paid for, some customers say
Bench customers say they’re being required to pay for services they already paid for. Bench’s new owners deny it. © 2024 TechCrunch. All rights reserved. For personal use only.
accounting, AI, Fintech, Global IT News, Global Security News, Startups
Accounting hasn’t fully embraced AI yet. Quanta just raised $4.7M to change that
Quanta, founded by a former Affirm engineer, sells an AI-powered accounting platform to software companies. It has raised a seed round led by Accel. © 2024 TechCrunch. All rights reserved. For personal use only.
accounting, bench, Emerging Tech, Exclusive, Global Security News, Startups
Bench burned through $135 million before shutting down
A clearer picture of Bench’s downfall is emerging thanks to new bankruptcy filings, which show the accounting startup burned $135 million before collapsing. © 2024 TechCrunch. All rights reserved. For personal use only.
accounting, bench, Exclusive, Global IT News, Global Security News, Startups, venture capital
Failed fintech startup Bench racked up over $65 million in debt, documents reveal
Canadian Fintech Bench had over $65 million in debt but less than $3 million in cash, documents reveal. © 2024 TechCrunch. All rights reserved. For personal use only.
accounting, AI, Fundraising, gen z, Global IT News, Global Security News, Open Ledger, Startups, Venture
A 24-year-old who exited his first company to Coinbase raises $3M for his next venture
At 24 years old, Pryce Yebesi already has one exit: selling his crypto invoicing company Utopia Labs to Coinbase for an undisclosed amount. Some founders don’t just have one company in them. On Monday, Yebesi announced the launch of his new company, Open Ledger, which embeds automated accounting software into products that enterprises and small…
accounting, AI, Fundraising, gen z, Global IT News, Global Security News, Startups, Venture
A 24-year-old who exited his first company to Coinbase, raises $3M for his next venture
At 24 years old, Pryce Yebesi already has one exit: selling his crypto invoicing company Utopia Labs to Coinbase for an undisclosed amount. Some founders don’t just have one company in them. On Monday, Yebesi announced the launch of his new company, OpenLedger, which embeds automated accounting software into products enterprises and small businesses already…
accounting, AI, bench, Exclusive, Fintech, Global IT News, Global Security News, Shopify, Startups
Inside the wild fall and last-minute revival of Bench, the VC-backed accounting startup that imploded over the holidays
Friday, December 27, was supposed to be the start of a relaxing holiday weekend. But it was chaos for thousands of small business owners who use Bench, an accounting and tax startup based in Canada that raised $113 million from investors like Bain Capital Ventures and Shopify. That morning, they found themselves unable to log…
accounting, bench, Fintech, Global IT News, Global Security News, SaaS, Startups, Venture
Bench shuts down, leaving thousands of businesses without access to accounting and tax docs
Bench, a Canada-based accounting startup that offered software-as-a-service for small and medium businesses, has abruptly shut down, according to a notice posted on its website. “We regret to inform you that as of December 27, 2024, the Bench platform will no longer be accessible,” the notice reads. “We know this news is abrupt and may…
accounting, Enterprise, Funding, Fundraising, Global IT News, Global Security News, revenue cycle, revenue cycle management, Software, startup, Startups
A bad experience with an accounting firm spurred this founder to start Aiwyn
Accounting firms are struggling to adopt high-tech solutions. That’s according to a survey earlier this year from Rightsworks, which found that, while 88% of firms believe tech has had a positive impact on their efficiency, 60% are suffering from disconnected systems, inconsistent processes, and a lack of standardized workflows. Startups like Aiwyn are trying to…