Funds Raised: $6.6 Million for an Integrated Accounting Platform in the Embedded Sector

In a significant move to revolutionise small business accounting, Layer, an embedded accounting platform, has raised $6.6 million in a seed funding round. The funding round was led by Emergence Capital, with participation from Better Tomorrow Ventures (BTV).

With this new investment, Layer aims to expand into more Small and Medium-sized Business (SMB) verticals, focusing on industries such as custom machinery, testing systems, machining machines, handling technology, and production solutions across various sectors. The company plans to leverage its innovative engineering and manufacturing expertise to cater to these industries.

Layer's solution offers a unique combination of automation and expert oversight, reducing bookkeeping costs by half and closing books three times faster. This integration gives SMBs a real-time financial view within their existing tools, eliminating the need for separate systems or external services.

At the heart of Layer's solution is an AI-powered bookkeeping service. This service categorises transactions and delivers reconciled financial reports monthly. SMBs can chat with their AI-supported bookkeeper within their software, making financial management more accessible and efficient.

Over the past year, Layer has quadrupled its SMB platform customer base, now supporting over 30,000 SMBs. Kevin Spain, General Partner at Emergence Capital, describes Layer as redefining accounting and bookkeeping for small businesses, simplifying finances, and fundamentally changing how SMBs understand and run their businesses.

Justin Meretab, CEO and co-founder of Layer, states that Layer makes accounting a seamless part of SMBs' daily workflows and takes bookkeeping off their plate, giving owners financial clarity and valuable time to focus on running their businesses. The new capital will accelerate Layer's goal of seamlessly integrating accounting directly into the software platforms SMBs already use daily.

The new funding will also be used to grow Layer's engineering and go-to-market teams. Furthermore, Layer enables SMB platforms like Moxie, Nav, and Dripos to embed accounting and bookkeeping directly into their products, providing a comprehensive solution for SMBs.

SMBs increasingly rely on specialized software, but accounting often remains fragmented and manual. Layer is targeting a big market that has traditionally been underserved by embedding accounting and AI-powered bookkeeping into existing software stacks. With its innovative approach, Layer is set to transform the way SMBs manage their finances.

Funds Raised: $6.6 Million for an Integrated Accounting Platform in the Embedded Sector