In 2019, the global fintech market was valued at $5.504 trillion, according to a report from Research and Markets. Furthermore, the market was projected to grow at a CAGR of 23.58% from 2021 to 2025. Paypal Holdings, a prominent company in the fintech industry, reported a $17.7 billion revenue for 2019.
Looking Out for Small Businesses and Startups
“Enabling small businesses to have the tools to succeed has been at the forefront of companies we look to invest in,” Judson Ain said. “Bookkeeper360 embodies this culture.”
Bookkeeper360 is in the business of supporting other businesses. The company’s goal is to help small business owners and entrepreneurs navigate the ins and outs of managing their company’s or startup’s finances. The business’s services range from general bookkeeping to payroll and tax solutions.
There are 31.7 million small businesses in the United States (US). This constitutes 99.9% of all businesses in the country, according to the 2020 Small Business Profile from the US Small Business Administration’s (SBA) Office of Advocacy.
“Small businesses are the backbone of the US economy, and historically they have been underserved when it comes to the financial tools and insights used to determine their businesses performance,” said founder and CEO of Bookkeeper360, Nick Pasquarosa.
With so many potential clients, Bookkeeper360’s model and mission have room for massive growth. In fact, investments from banks and firms in technology like Bookkeeper360 are major contributors to the growth of the fintech industry. The funding raised from the seed round will be used to “support the growth and continued product development of the firm's existing Business Intelligence Software.”
“Intelligence platforms and advisory services have only been affordable and accessible by larger, Fortune 500 size companies,” Pasquarosa said. “At Bookkeeper360, we are leveling the playing field for small businesses and setting entrepreneurs up to succeed by providing real-time insights and full-service accounting solutions."
Bookkeeper360 is not alone in the pursuit of providing financial software solutions. Competitors including Xendoo, Rimberg Online Bookkeeping, and Jitasa are also offering software as a service, or SaaS, solutions for startup companies, small businesses, and non-profit organizations.
Fintech company Bookkeeper360 successfully raised $1 million in seed funding from investors, including Etsy angel investors Judson and Spencer Ain. The company hopes to provide financial software solutions to small businesses and startup companies in a booming industry.
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.