Integrated reconciliation and ledger data platform Proper Finance finalized a $4.3 million seed round that it will use to develop its suite of products, including Reconciliation-as-a-Service, payments data platform and the universal ledger, according to a Wednesday (June 8) company press release.
Proper, which allows FinTechs to maintain financial accuracy, will also introduce no-code tools for payment operations teams to track and reconcile money movement across systems and additional payment method integrations, the press release said.
Redpoint Ventures led Proper’s fundraising effort, with participation from BoxGroup, Mischief, Y Combinator and more.
“Since Proper’s inception, we’ve met with companies that range from household names to smaller upstarts, and what we’ve discovered is that being unable to maintain complete financial accuracy is a problem that is not just common, but universal to all FinTechs,” said Kyle Maloney, co-founder and CEO of Proper, in the company press release.
“We’re providing a ubiquitous solution to help the ecosystem at large so that FinTechs can trace and account for every payment that flows through their systems at scale. Not accounting for every single cent can snowball into scenarios where six-digit sums are unaccounted for,” he said.
FinTechs can use Proper to manage their financial data — from payments providers to banks, network files such as NACHA and in-house payment processing systems — in one platform.
Last month, Bonfire Ventures, which helps B2B software companies raise money during their seed stage, closed a $168 million seed funding round and a $63 million second-opportunity fund, putting its total fundraising since 2017 at more than $1 billion.
Bonfire offers curated, hands-on partnership to B2B software founders as they move through their investment journey, starting at the seed stage, progressing to the Series A level, and moving forward with product launches, development, and other aspects of their businesses.