Today, we are so excited to share that Proper closed a $4.3M seed round led by Redpoint Ventures with participation from BoxGroup, Mischief, Y Combinator, and more. At Proper, we're creating an industry-standard platform for fintechs to maintain their data integrity, improving the speed of innovation across the industry and the overall health of the financial services ecosystem.
Fintechs are among some of the tech industry’s fastest-growing startups, quickly revolutionizing the way consumers and businesses budget, spend, save, and invest their money. In fact, the value of the global fintech industry is expected to grow at a rate of 25.18%, reaching $324B by 2026. Managing money movement is complex for startups and enterprises alike. Companies often incorporate data from dozens of disparate sources. As these companies rapidly grow, scaling their financial data operations at the same pace only becomes more and more difficult, leaving them vulnerable to data inaccuracies that can spiral into bookkeeping crises and financial losses.
Many fintechs are forced to focus on triaging their financial operations, devoting valuable engineering resources to building out and maintaining custom internal systems from scratch. These time-consuming low-level data tasks are a slog.
And these challenges are compounded since they are not purely technology problems. Many financial data integrity challenges are rooted in core banking and accounting issues. A lack of banking and accounting best practices can make it nearly impossible for developers to trace and manage every dollar flowing through their systems at scale.
This is why we’re excited to introduce Proper, the first industry-standard platform for fintechs to maintain their data integrity.
We’re proud to be a part of the fintech ecosystem, a community that has forever changed the way we manage our money for the better. However, if engineers are bogged down solving low-level data problems to keep their company’s financial house in order, then innovation will slow to a halt.
Proper handles the tedious but incredibly important processes of low-level data reconciliation so that engineers can focus on the things that matter most to their business: innovation, executing the product roadmap, improving end-user experience, and getting new tools and services to market.
Proper is a friend and partner to fintechs. Our highly skilled team is equipped with a unique background in fintech, banking, and accounting, and we’ve assembled this specialized group to solve this universal industry problem.
We walk each journey with our customers, starting with highly tailored intake and onboarding experiences unique to each use case. We help them design their processes to precisely track money movement at scale, safeguarding our customers and their end-users from serious financial complications. For existing companies, we can integrate and help them sort out their reconciliation processes, and for new upstarts, they can work with us from the get-go so they don’t have to retroactively solve these problems. Proper scales alongside any business, integrating seamlessly with new payment methods, vendors, and providers.
Proper meets any fintech where they are - no matter the stage of their financial infrastructure journey - to help enhance their payment operations and improve data integrity.
We’re on a quest to improve the health of the financial ecosystem, a mission that wouldn’t be possible to execute without support from our investors at Redpoint Ventures, BoxGroup, Mischief, and Y Combinator, along with our angel investors who bring deep domain expertise. With today’s funding, we will further develop our product offerings and introduce new no-code tools for payment operations teams, enabling them to track and reconcile payments across systems without engineering intervention. Additionally, we’re adding new payment integrations each month to keep you connected to the financial ecosystem.
Simply put, we want to leave fintech better than we found it.
If you’re interested in learning more about our tools for helping fintechs maintain financial data accuracy, reach out to our team here.
Interested in joining the team? Check out our careers page.
In this post, we explore how fintechs reconcile ACH transfers across ledgers and bank accounts.
In this post, we cover the basics of multi-currency transactions for those looking to begin storing and moving funds across borders.