Accounting platform Synder raises $2M to automate e-commerce bookkeeping

 Synder's two co-founders, Michael Astreiko and Ilya Kisel, have announced a $2 million seed investment from TMT Investments as they wrap up their stint at Y Combinator.

Despite the fact that the funding was secured before entering the accelerator programme, the Belarus-based duo chose to wait to announce the achievement publicly. The extra financing will go toward recruiting more clients, visibility, and sales as they set their sights on their next path of growth and expansion.

The firm touts itself as a simple accounting platform for e-commerce enterprises. It started out as CloudBusiness in 2016, and it specialised in accounting automation and financial management for small and mid-sized businesses.

Astreiko and Kisel founded Synder in 2018 and concentrated on it full-time the next year to create an easier way for commerce enterprises to transition to omnichannel sales, which Astreiko said TechCrunch can be a "big hassle" due to the complexities of numerous payment systems and expensive rates.

“There are a lot of solutions on the market, but you still have to have special knowledge to operate within accounting or commerce,” Kisel said. “For us, the simplicity means that it is worth it if you can have access in several clicks to consolidated inventory, profits and liabilities. Small businesses sometimes are not sharing this information due to competition, but if something is working and easy, they will definitely share it.”

Synder takes care of the heavy lifting for businesses by bringing together sales channels such as Amazon, Shopify, eBay, and Etsy into a single platform that customers can administer with a single click. It also helped the accounting stream, allowing all of the numerous payment methods to be utilised, according to Kisel.

The company now has 4,000 clients and is planning to expand quickly, but it will need the proper individuals on board to help it thrive, according to Astreiko.

TMT Investments partner Igor Shoifot stated he will join Synder's board of directors after the business graduates from YC. He appreciates the company's straightforward approach.

“Often the best solutions are economical, succinct and elegant — you can be onboarded in 10 minutes,” he added. “There is really nobody that really provides a similar solution that was that easy or didn’t require downloading or installing something. I also like their focus on growth, the fact they have no burn and they are making money.”

Synder's business plan is a subscription SaaS model that begins with a free trial and allows customers to purchase additional services within the platform to meet the needs of small and large businesses.

Its more than 15 employees are distributed across Europe, and the company has only recently begun employing in the marketing and sales departments in the United States.