SaaS startup Layer has secured a $2.3 million funding round for embedded accounting. The company will use this investment to expand its services and grow its team.
Layer, offering embedded accounting software for SMB platforms, announced securing $2.3 million in a pre-seed funding round led by Better Tomorrow Ventures with participation from executives at Square, Plaid, Unit, and Check.
Justin Meretab, Co-founder & CEO at Layer, stated: “SMBs are still stuck tracking their finances in separate accounting software that doesn’t play nicely with their daily operations. Keeping accounting up to date in these separate systems and getting a clear picture of business finances is a constant struggle for SMBs and they aren’t shy about their frustration.
Layer is building embedded accounting software to solve this problem. Our goal is to allow the software platforms that SMBs already use daily to offer their own accounting and bookkeeping products. Our technology allows platforms to offer every aspect of accounting – from tracking all revenues and expenses, to real-time profit and loss reporting.”
Meretab also shared in an interview with TechCrunch: “One surprise has been that many SMB users tell us our embedded accounting views are actually the first time they’ve ever seen a clear profit and loss view of their business. Many tried to use separate accounting software but found it too complicated or difficult to keep in sync with their main operational software.”
Layer plans to use the new funding to expand its services to more small business software platforms this year. The company will also expand its team of four across engineering and business operations roles.
About Layer:
Founded by Justin Meretab and Daniel O’Neel, Layer provides embedded accounting software for SMB platforms. It helps software companies launch accounting for their SMB customers. Increase engagement and drive revenue.
(Image Credit: Layer)
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