Entendre partners with Rain
July 21, 2023
TL;DR Due to the complex nature of digital assets, Web3 teams are looking for efficient solutions to streamline their internal financial processes.Rain offers corporate cards for companies utilizing digital assets through physical and virtual credit cards. And now with the integration of Entendre and Rain, Web3 teams can automate the accounting of user's corporate card expenses and on-chain collateral funding.
Automating accounting for Rain customers
Over the past 20 years, businesses have been struggling to digitize their back office and accounting processes. What started with bloated on-premise solutions has rapidly evolved into cloud-based technology. However, as the internet continues to evolve and consumers adopt blockchain technology, traditional Web2 and Web3 companies will need to further adapt to maintain their financial health while balancing consumer demands seen in this rapidly growing decentralized economy. Fintech platforms designed to support Web3 SMBs are projected to be a $5.2B industry by 2023, with a CAGR of 34%, and will reach $12.5B by 2026.
While blockchains are labeled as ledgers, they lack the business context needed to provide the accounting treatment. Despite this, the digital nature of the blockchain provides a unique opportunity to automate the entire lifecycle of each transaction, which will save millions of human hours at scale.
2022 was a tumultuous year for the industry due to events such as UST, FTX, and Celsius, have highlighted how poor bookkeeping practices and lack of transparency of financial statements can lead to bad business decisions. Without proper systems, the manual effort increases the risk of human error when trying to close the books. Accountants are spending 70% or more of their time doing manual reconciliation and data entry, reducing their time to add strategic value to inform business decisions.
Entendre Finance's mission is to accelerate adoption of Web3 by automating on-chain financial operations so businesses can focus on innovation. The entire platform is designed to be quickly implemented, ready for scale, and easy to customize for Web3 use cases such as payment acceptance, NFTs, DeFi, expenses and trading. Entendre Finance supports multiple blockchains and integrates with leading accounting platforms, as well as different Web3 applications.
To learn more, companies can visit Entendre.Finance to sign up, or stay up to date on Twitter. For partnerships, please contact partnerships@entendre.finance.
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