Tactic Secures $11 Million in Funding to Help Businesses Streamline Crypto Accounting

NEW YORK, Sept. 27, 2022 /PRNewswire/ -- Tactic, the platform that streamlines cryptocurrency accounting for businesses, today announced $11 million in new financing, in addition to $2.6M announced in May.

The oversubscribed round was led by FTX Ventures with participation from Lux Capital, Exponent Founders Capital, Definition Capital, Coinbase Ventures, and insiders Founders Fund, Ramp, Dylan Field, Elad Gil, and Sabrina Hahn. The company plans to use the funding to hire engineers and expand the platform to support new blockchains and financial workflows.

Tactic is an accounting solution for any business that deals with cryptocurrency. One of the unique features of blockchains is that they maintain a permanent record of all activity, however companies that transact on-chain quickly learn that these transactions are not compatible with their existing financial infrastructure and end up spending significant time every month manually reconciling transactions.

Companies working with Tactic connect their digital wallets and the platform presents the information in an accounting-ready format that syncs to general ledger software such as QuickBooks.

"We're thrilled to work with the FTX team as we navigate the rapidly evolving regulatory landscape for digital assets," said Ann Jaskiw, Tactic's founder and CEO. "Tactic is positioned to become the backbone of financial operations for the Web3 world."

Tactic is fielding inbound demand from companies building in web3 that are preparing for a new round of financing or audit. "We are seeing increased regulatory scrutiny and a focus on financial compliance and auditability in the crypto space," said FTX Ventures General Partner Ramnik Arora who led the financing. "Solutions like Tactic will be critical to the success of Web3 adoption by enterprises,'' he added. Earlier this year FTX announced the launch of FTX Ventures, a $2 billion venture capital fund focused on backing the world's best teams building in the digital asset ecosystem.

Tactic is partnering with other best-in-class providers that serve the crypto back office including startup insurance provider Vouch, which announced $90M of new funding last fall. "We're excited to partner with Tactic. We recently launched our Web3 Insurance Private Alpha to address the unique needs of the Web3 economy and look forward to helping Tactic clients as part of our mission to craft the best insurance for those building the future." stated Jared Klee, Vouch's new Director of Web3.

About Tactic

Tactic streamlines cryptocurrency accounting for businesses that hold or interact with digital currencies. The platform provides a clear view of an organization's treasury and a robust transaction audit trail in an accounting-friendly format. Tactic works seamlessly with existing custody solutions such as Coinbase and traditional financial software like QuickBooks.

SOURCE Tactic