Pilot is a fintech startup company that offers various accounting products like bookkeeping, taxes, CFO services, and R&D credit for small businesses and entrepreneurs. Through the Pilot system, customers are paired with a financial expert to help manage accounting details.
In an interview to CNBC, co-founder and CEO of the fintech business, Waseem Daher, said, “There’s all of this annoying, tedious, scary and important back-office stuff that you need to do as a small business owner...Owners should focus on running a company at scale, and Pilot should be doing the back office stuff for you.”
Founded in 2017, with locations in San Francisco and Nashville, the fintech business has integrated its services with Stripe, Square, Shopify, Intuit Quickbooks, Bill.com, and more. The startup company has amassed numerous investors, including Sequoia Capital, Index Ventures, Stripe, and more. Crunchbase data indicates the fintech business has raised $158.3 million in financing.
New Funding for the Fintech Business
Today, Pilot announced the startup company raised $100 million in a Series C funding round, giving the fintech business an overall valuation of $1.2 billion and gaining unicorn status. This investment round was led by Jeff Bezos’s venture firm, Bezos Expeditions, and Whale Rock Capital.
Daher is a former intern at Jeff Bezos-founded ecommerce site, Amazon. He said in a press release, “Since the earliest days of my career, including an internship at Amazon in 2005, I’ve been inspired by Jeff’s relentless focus on delivering an exceptional customer experience. We’ve brought that same DNA to Pilot’s customer-centric approach: over 80% of our business is driven by customer referrals and organic interest.”
Kristov Paulus, partner at Whale Rock, added, “...We look forward to supporting Pilot in their vision to make back-office services as easy-to-use, scalable, and ubiquitous as AWS has with the cloud.”
According to the press release, in 2020, the fintech startup company also completed more than $3 billion in bookkeeping transactions for its customers. In addition, Daher stated to CNBC the startup company roughly tripled its revenue every year since it was founded and attributed such growth to growing awareness of automation as people work from home more often.
With the new funding, the startup company plans to expand its back-office services to help entrepreneurs and small businesses focus on growth.
The Fintech Industry
Pilot is just one representative of the ever-growing fintech industry. In a report by Research and Markets, published by Globe Newswire, the global fintech market was valued at roughly $5.5 trillion in 2019 and is expected to grow at a CAGR of 23.58% between 2020 and 2025.
In addition to a massive market, Pilot is competing against other accounting startup companies like Zeni, Docyt, Autobooks, Trullion, as some of them integrate AI technology into their platforms.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.