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Layer secures USD 2.3 million in pre-seed investment

Friday 17 May 2024 14:09 CET | News

Embedded Accounting for SMEs provider Layer has announced that it received USD 2.3 million in pre-seed investment from Better Tomorrow Ventures. 

Joined by a group of executives, including Square, Plaid, Unit, and Check, Better Tomorrow Ventures invested USD 2.3 million in Layer in a bid to support the expansion of its operations and services. Layer plans to leverage the capital injection to introduce its solutions to more small and medium-sized enterprise (SME) software platforms throughout 2024. Also, the company intends to grow its team of four across engineering and business operations roles.

Embedded Accounting for SMEs provider Layer has announced that it received USD 2.3 million in pre-seed investment from Better Tomorrow Ventures.

What are Layer’s capabilities and plans?

In a bid to provide an improved user experience, Layer delivers Embedded Accounting services to customers, such as Square and Toast, that collaborate with SMEs to offer accounting and bookkeeping capabilities inside their products. The company allows larger firms to integrate its tools into their platform for SMEs to leverage. Business owners can access bookkeeping and accounting tools inside Square or Toast platforms they utilise to administer their operations, instead of a separate software for managing finances.

Since its inception, the firm’s objective has been to develop a set of APIs that enables platform customers to pass data from their SME customers directly to Layer. Following this, Layer offers connections to external bank accounts and credit cards to pull in the data and flow it into its ledger and account system, with SMEs receiving the ability to build a full picture of their financial data.

Furthermore, Layer is committed to meeting the demands and requirements of customers, with the company aiming to deliver a unified solution that enables them to do their accounting directly within the platform they utilise instead of using separate tools. Representatives from Layer underlined that the current funding is set to support the company in growing its customer base substantially and scaling its revenue over the course of 2024.

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Keywords: investment, SMEs, financial services, embedded finance, spend management
Categories: Banking & Fintech
Companies: Layer
Countries: World
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Banking & Fintech

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