Tax And Accounting SaaS Startup Inkle Raises $1.5 Million
The platform is now expanding into new corridors such as US-Canada, US-LATAM and new sectors such as crypto taxes
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Almost half of the 20,000 US companies created on Stripe's Atlas incorporation platform alone were created by non-US-based founders. In helping these founders (and those based in the US) navigate the US regulatory environment, human chat-based US CPA SaaS product Inkle, has raised $1.5 million in pre-Seed funding round to help these companies handle bookkeeping, tax, and compliance filings through its software solution for US cross-border companies. Picus Capital, Saison Capital and Force Ventures participated in the funding round.
"Just over a year into our journey, and despite us starting during the pandemic and a global recession, hundreds of US companies onboarded and are now happier with our human chat-based approach to handling their back-office headaches; our CPA teams are delighted with 10x new business volumes without a need to hire extra staff or put any effort into acquiring customers; and we've built a dominant position in one focused corridor with solid revenue growth. And yet the customer now gets to pay less than ever before. We're delighted to partner with our first investors to prove we can do the same in other corridors now," said Anand Krishna, CEO and co-founder, Inkle.
Inkle, which was bootstrapped and in stealth until now, has grown revenues 7 times in the last year to hundreds of thousands of dollars. It has quietly built a strong leadership position in the US-India corridor (half of all YC companies in India, 3% of all YC companies globally and hundreds of US companies overall use Inkle today). The platform is now expanding into new corridors such as US-Canada, US-LATAM and new sectors such as crypto taxes. Customers include leading tech companies such as Salesken, Mailmodo, Zoko and DriveTrain, claimed by the company in a statement.
Given the obligatory nature and zero default requirements in accounting, tax and compliance software tooling is a major customer need and hence also in the current economic climate indispensable. With its full-stack SaaS offering Inkle sits at the intersection of customers, CPAs, accounting tools and authorities clearly making workflows more efficient and less error-prone. We are impressed by what Anand and the team has built in a very lean manner and are thrilled to be supporting Anand on his journey to revolutionize how cross-border companies manage their accounting, taxes and compliance," said Florian Reichert, partner and managing director at Picus Capital.
Inkle, co-founded in late 2021 by Anand Krishna and later joined by Ranvir Singh in 2022, is an asynchronous human chat platform that combines a strong accounting outsourcing industry (based in India), with an English-speaking workforce, cost arbitrage, and SaaS engineering know-how - creating the perfect ingredients to address a major pain point.