Cryptocurrency Platform Tactic Raises $11M in Funding
Time may be money in the business world, but managing financial processes tends to be ironically tedious. Such is especially true for companies operating within the cryptocurrency space. Tactic wants to put more time back in the day for these businesses, and the New York-based company just secured additional funding for its crypto accounting platform.
Building on its $2.6 million financing round back in May, Tactic pulled in an added $11 million. The oversubscribed round will help Tactic expand its team and its solution.
The raise was led by FTX Ventures, the venture capital arm of Sam Bankman-Fried’s cryptocurrency exchange that is set to acquire $1.4 billion in assets from trading app Voyager.
The crypto space is constantly evolving as companies of all types are building their businesses for a Web3 future. Looking to provide some help along the way, Tactic’s platform streamlines accounting workflows for businesses that deal with digital currencies and transact on blockchains. Its solution offers an overall view of a business’ treasury and displays its transaction information in an accounting-ready format.
Crypto-based companies typically devote hours each month to manually reconcile crypto transactions since they usually aren’t compatible with traditional financial infrastructure. Tactic lets businesses connect their digital wallets and exchanges, enabling their crypto financial activity to work with traditional accounting software like QuickBooks.
Tactic also partners with a handful of software providers that are developing solutions for the crypto back office space, such as insurance company Vouch and corporate card platform Ramp.
With its latest injection of capital, Tactic will continue expanding its solution amid increased demand from Web3 companies gearing up for funding rounds or financial audits. The company will come to support new blockchains and financial workflows, and it’s currently recruiting engineering talent to help it do so.
“We’re thrilled to work with the FTX team as we navigate the rapidly evolving regulatory landscape for digital assets,” Ann Jaskiw, Tactic’s founder and CEO, said in a statement. “Tactic is positioned to become the backbone of financial operations for the Web3 world.”