Source: Visit websiteEmbedded finance is usually what we hear about when brands and non-financial businesses want to offer financial products or services — like banking, insurance, lending and payments — to provide a better user experience for customers.
Layer is leaning into that better user experience, but with embedded accounting. Its customers are those, like Square or Toast, working with small and medium-sized businesses to offer accounting and bookkeeping features inside their own products. These larger companies would embed Layer's tools into their platform for small businesses to use.
In a way, Layer is like Unit or Check, but for SMB accounting instead of banking and payroll. In fact, the company aims to completely replace legacy accounting and bookkeeping platforms like Quickbooks, Meretab told TechCrunch.
So did investors laugh them out of the room when they explained how they wanted to replace Quickbooks? Kind of.
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