Fintech Startup CashBook Raises $2.3M In Seed Funding
CashBook, a cash accounting app for SMBs, has raised $2.3 million in a seed funding round led by prominent VCs JAM and Better Tomorrow Ventures. The funding round also saw participation from Kunal Shah, Anupam Mittal, and a host of other angel investors.
The fintech startup plans to use the funds to further enhance the product and expand its pan-India reach.
CashBook App | Cash Accounting App For SMBs
Launched by Vivek Kumar and Ashutosh Pathak in August 2020, CashBook is a digital record-keeping app backed by Y Combinator. Using the CashBook app, businesses can add entries, segregate records, and find overall balance instantly.
Speaking about the app, Vivek Kumar, Co-founder and CEO of CashBook, said,
“Accounting and its related aspects are one of the early challenges faced by small businesses. I have experienced these pain points firsthand and understand the struggles faced by owners in managing accounts and other aspects of their business. It is imperative to keep track of income and expenditure at this stage, and CashBook solves this. With CashBook, businesses can maintain a digital record and get better insights on their accounts as well.”
With more than one million downloads, the fintech startup helps small businesses track their income and expenses through its mobile app.
Justin Mateen (Co-founder of Tinder and investor at JAM Fund) stated that CashBook offers a simple and reliable solution for digital record keeping. He added that the presence of tens of millions of small businesses in India offers tremendous growth opportunities for the fintech startup.
There has been a rapid growth in startups offering solutions for small and medium businesses in recent times. Chqbook, a Gurugram and Bengaluru-based neobank aimed towards helping small business owners, recently raised Rs 40 crore in a pre-Series B funding round. Tech startup FloBiz, offering a billing and accounting app for small and medium businesses, raised $31 million in a Series B round.
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