Puzzle, an early-stage startup, has launched a new accounting software that aims to take advantage of data streaming from modern fintech tools used by startups. This software combines a streaming financial data platform connected to a general accounting ledger.
The CEO and co-founder of Puzzle, Sasha Orloff, said that this is the first smart accounting software that provides a unique view into a company’s financial health by creating a whole new set of capabilities across fundraising, taxes, and understanding the complete picture of financial health at a startup.
The software pulls natively from the modern stack of financial software, including Stripe for payments, Brex for corporate credit cards, and Gusto for payroll and benefits, among others. It authorizes the most current information to be updated on the ledger in real-time, providing a real advantage over compiling data monthly.
Puzzle’s ultimate goal is to replace traditional ERP software with an API-enabled data platform connected to all the best solutions in the market. The company was working with more than 500 startups to refine the software and is now emerging from beta with a generally available service.
The company has raised $20 million, including a $15 million Series A led by General Catalyst, and with participation from over 100 industry angels, including CFOs at venture-backed startups. Puzzle plans to hire with the money and currently has 30 employees, including several people with a unique combination of accounting and engineering knowledge.
Orloff envisions that Puzzle will be more than just an accounting software service for startups but a starting point for the company to develop an API-enabled data platform connected to all the best solutions in the market. By doing this, the company will be able to offer a whole new set of capabilities that will be crucial for startups across fundraising, taxes, and understanding the complete picture of financial health.
General Catalyst led the $15 million Series A round, and more than 100 industry angels, including CFOs at venture-backed startups, participated. Puzzle has raised $20 million, including a $5 million seed led by General Catalyst. The company plans to use the funds to hire more employees and scale up its operations.
Puzzle’s accounting software is the first of its kind, which combines streaming financial data with a general accounting ledger. By providing startups with real-time financial data, Puzzle’s software can create a more accurate and up-to-date picture of a company’s financial health. The ability to stream data from fintech tools such as Stripe, Brex and Gusto sets Puzzle apart from traditional accounting software.
With the emergence of Puzzle, startups now have access to a more comprehensive and accurate view of their financial health. The company is expected to disrupt the traditional ERP software market and establish itself as a leader in API-enabled data platforms.
