FinTech News
Financial Reporting FinTech InScore Launches, Raises $4.3 Million
A FinTech that helps companies with their financial reporting and auditing processes has officially launched and raised a new round of funds.
About the round and InScope:
InScope has announced that it recently raised $4.3 million. The seed round was led by Lightspeed Venture Partners, while a group of individual investors also participated.
The San Francisco-based InScope was founded last year and ran a beta earlier this year but is now officially launching its product. According to the FinTech, their goal is to make financial reporting more effective and accurate for businesses. To do this, they utilize generative AI and large language models to create an automated workflow. Currently, the company’s product can assist with cash flow statements and more — while support for drafting quarterly and annual financial reports is expected to arrive later this year.
Speaking to TechCrunch, InScope co-founders Kelsey Gootnick and Mary Antony said that the startup’s goal is to have at least 50 companies as clients by the end of the year. Additionally, they say they intend to use the newly raised capital to both grow their team and improve the product’s AI capabilities.
What they’re saying:
In a blog post, Antony spoke on the inspiration for starting InScope, stating, “We have seen firsthand the challenges and frustrations of the existing processes. Now, at InScope, we’re building the solution we always wished we had. Our decades of experience and deep domain expertise ensure we build keeping the user experience front and center.”
Meanwhile, speaking to TechCrunch, Antony elaborated on the importance of good financial reporting, noting, “It really looks like a sudoku puzzle that you have to do with trial-and-error to get right. Cash flow statements are one of the most important metrics for a company, so they shouldn’t be a sudoku puzzle, or a puzzle in general.” She added, “We make it possible for our customers to have effortless, but accurate and reliable financial statements every time.”
My thoughts:
Obviously getting financial reports right is key for any business (as TechCrunch points out, Lyft recently learned an embarrassing lesson on this topic). Therefore, it’s understandable that InScope’s idea of helping companies not only generate these reports easily but also double-check their work automatically would be appealing. On top of that, including terms like “AI” and “large language models” in any tech pitch these days seems like a surefire way to perk up the ears of venture capital firms.
With InScope just launching its product now and setting a modest goal of 50 clients by the year’s end, it sounds as though the company is easing into its idea and building out the tools along the way. Hopefully that strategy works out for them and results in some useful tools for other businesses.
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