Overview

Abacus provides real-time expense management solutions designed to help mid-sized companies and enterprises streamline their financial operations. Instead of traditional expense reports, Abacus offers a system that allows businesses to track, report, and reimburse expenses instantly. The platform integrates with popular accounting software like QuickBooks and Salesforce, eliminating the need for manual data entry. Users can manage expenses through mobile apps for iOS and Android, making it convenient to submit expenses by simply taking pictures of receipts. Abacus operates on a subscription model, ensuring clients receive continuous updates and support. The company stands out from competitors by being highly rated for its user-friendly interface and efficiency in expense management. Abacus aims to simplify financial processes for businesses, ensuring that money flows where it is needed quickly and effectively.

Simplify's Take

What believers are saying

• Growing demand for real-time financial solutions boosts Abacus's market potential.
• Partnerships with global payment providers expand Abacus's reach and customer base.
• Subscription-based SaaS model provides stable revenue and continuous product improvement.

What critics are saying

• Partnership with Blackhawk Network may divert focus from core fintech offerings.
• Brand confusion due to shared name with Abacus Group could affect market perception.
• Collaboration with Architectus may stretch resources away from primary fintech services.

What makes Abacus unique

• Abacus offers real-time expense management, replacing traditional expense reports.
• Seamless integration with popular software like QuickBooks and Salesforce sets Abacus apart.
• Mobile apps for iOS and Android enable expense management on the go.

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Funding

Total Funding

$3.4M

Meets

Industry Average

Funded Over

1 Rounds

Notable Investors:

Bessemer Venture PartnersGeneral CatalystY Combinator

Notable Investors:

Bessemer Venture PartnersGeneral CatalystY Combinator

$3,500,000

Seed

Oct 2014

Seed funding is usually the first official round after pre-seed, when a startup has a prototype or concept. It’s typically used to develop the product, test the market, and start building the team. Investors here are often angel investors or early-stage venture capitalists.

Seed Funding Comparison

Meet Average

Industry standards

Ind Avg. $3.3M

$500k

$1.5M

$2M

$2.3M

$3M

$3.5M