Entendre Finance is a web3 firm that us based in New York City and provides fully automated E2E(End-to-end) accounting and bookkeeping solutions for web3 firms. he firm was founded by Kareem Khattab who also doubles as the firm’s CEO. The firms platform infrastructure supports blockchains and integrates with accounting platforms and different web3 applications. Entendre uses AI(Artificial Intelligence) models to power its solutions for web3 businesses and to fully automate its applications. The firm’s customer base includes Hedgey, Lava and Anima among other clients.
In a recent seed investment round, Entendre Finance managed to raise $4 million in financing. The investment round was led by Basis Set and garnered participation from several venture capitals including Valhalla Ventures, Caffeinated Capital, Moonpay, Alumni Ventures Group, MDig and Alpine Ventures. The proceeds of this investment round will be utilized to help the firm bring its vision to life.
Entendre Finance is relatively young and was founded in 2023 to offer a unique competitive advantage to web3 businesses by providing a system of record for the firms’ on-chain activities and financial statements and in the long-run, reduce their operational costs and human capital. With this framework, web3 companies can concentrate on on building innovative web3 solutions with the aim of promoting a wider adoption of blockchain technology in business applications and daily use by users. The firm’s infrastructure supports multiple chains and its workforce is drawn from eminent actors in the web3 sector including Coinbase, Amazon, Hulu and WeWork among other numerous firms.
According to Kareem Khattab, businesses need robust systems and internal controls to foster longevity of blockchain businesses and adopters within a period of the next 1 to 2 years. The firm’s major objective currently is to onboard as many businesses as possible to its ecosystem for the benefit of enjoying reduced operation costs and subsequent growth. To incentivize more adopters, the firm is developing easy-to-use, customizable and scalable solutions that will make it easy for businesses looking to integrate blockchain transactions into their daily operations to do so in a seamless manner. These feat will achieved by automating financial operations while leaving the firms to focus on service delivery.
The firm operate under the mantra that blockchain never sleeps. Ever since 3000BC when the ancient Egyptians developed the first accounting ledger from papyrus reeds, accounting has evolved to adapt and meet changing needs of the modern society. This evolution includes the introduction of a double entry system for financial transactions in the 15th century by Luca Pacioli, the expensive and hard to implement ERP computer-led solutions of the 20th Century, the web2 cloud-based accounting processes of 21st century and currently, the complex and fragmented web3 solutions that the commonly used web2 systems cannot keep up with.
The complex and interoperability issues between web2 and web3 systems have led teams to revert to using sheets, a more traditional approach. Entendre Finance is therefore swooping in to offer a 24/7 digital accountant that is powered by AI, fully automated and tailored to suit web3 business needs while making it easier for web2 systems to adapt to the ever changing financial accounting sector. The firm’s platform is intuitive and modular for easy integrations as required by businesses. At the moment, the firm offers digital asset management including automated impairment of assets, revaluation of gain and loss on assets as well as a fully reconcilable income statements and balances sheets that are on lock using blockchain technology.
