Puzzle builds a modern accounting package for today’s API-enabled startups
A business starting from scratch is unlikely to use a wide range of financial software with the most up-to-date fintech tools. These can be things like Stripe for payments, Brex for corporate credit cards, and Gusto for payroll and benefits which, among other things, when combined can provide a unique view of the situation of a company’s finances.
Puzzle, a start-up, is building an accounting package that aims to leverage the data flow of these tools. Today, the company is going public, while also announcing a $15 million Series A.
“The first smart accounting software, which combines a streaming financial data platform that’s connected to a general accounting ledger.”
“By combining these two things, we can create a whole new set of capabilities for an organization across fundraising, taxes and understanding the complete picture of financial health.”
“The streaming piece is possible because of the ability to connect to things like payment and payroll data in real time and update the ledger with the most recent information. Instead of compiling this data on a monthly basis, the company can have the most current information at its fingertips at all times, and that can be a real advantage.”
“We pull natively off of that modern stack to create this single place where a company can see all of their data and how these things kind of fit together to then create a picture of your financial health. So it’s like a complement to all of the modern innovation that has been happening,”
Sasha Orloff, CEO and co-founder of Puzzle.
Ultimately, Orloff doesn’t just want to be an accounting software service for startups, but he calls it the starting point of the company. The ultimate goal, he said, is to replace traditional ERP (enterprise resource planning) software with “an API-enabled data platform that is connected to all the best solutions on the market, not just what’s going on”. .”
The company launched in late 2019 and has worked with over 500 startups over the years to create and refine new software. Today, the company is about to launch a beta with a service that is normally available to any interested customers.
Puzzle currently has 30 employees and plans to hire for money. Among his staff are some with a unique combination of accounting and engineering backgrounds, but he says he’ll need people of all levels to scale his startup. The $15 million investment was led by General Catalyst, with participation from more than 100 industry angel investors, including the chief financial officer of venture capital-backed startups. According to Orloff, today’s round ended late last year, and the company has now raised $20 million, including a $5 million seed also led by GC.