Less than a year and a half after being founded, Vancouver fintech Teal has been acquired by San Francisco’s Mercury.
Teal is a seed stage startup that builds accounting products. With Teal, users can build the financial hub that drives attachment and engagement across all financial services products.
“Accountants are important partners in the Mercury ecosystem. Now, as part of Mercury, Teal’s incredible talent, technology and expertise will strengthen what we’re doing to transform banking into a lever that helps ambitious companies operate at their best,” shared Mercury CEO
Teal was founded by Ian Crosby and Adam Saint and the pair have some experience in the fintech space.
Many will have heard of Bench Accounting, which Crosby and Saint cofounded back in 2011 (Saint left Bench in 2016 and Crosby departed his role as CEO in 2022). Crosby also has experience at Ottawa’s Shopify, an investor in Bench.
With Teal, Crosby and Saint are aiming to develop a “Stripe for accounting” by offering infrastructure to vertical software-based companies so that they can provide accounting features within their own platforms. They will continue that mission as part of the Mercury team.
Earlier this year Teal raised a USD $8 million seed round led by Torch Capital that included support from Basis Set Ventures, General Advance, and the Dash Fund, as well as undisclosed angel investors.
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