Quickbooks is a global software company that offers financial software that allows people to make real-time financial decisions, like when to invest in stocks and when to buy real estate.
But this summer, the company said it would begin a $1.5 billion Series B round of funding.
The startup, which has already raised $1 million from investors, has raised $3 million from Softbank and Goldman Sachs, according to a filing with the Securities and Exchange Commission.
It also raised $250,000 from venture capital firm Draper Fisher Jurvetson.
In addition to its software, the startup is looking to build an “intelligent cloud platform” that would allow users to “see the future and act accordingly,” according to the filing.
Quickbooks co-founder, John Linnell, told The Hill he was excited about the funding.
“I think this is a big, big deal for bitcoin and for blockchain,” Linnel said.
“There’s so much potential to the tech, it’s a big deal.”
The startup is focused on providing financial software to people around the world.
The company currently serves customers in India, the Middle East and South Asia, and has raised seed capital in several countries, including the United Kingdom, Ireland, New Zealand, France and the United States, according the filing with SEC.
Quickbook’s platform will be used by the company to provide its users with real-world, live financial decisions.
The technology is “the only way we can get people to take real-life decisions,” Lappell said.
The firm is also seeking investors from “any country that’s looking to take this technology and create value,” according the SEC filing.
Linnelly said he was confident in the future of blockchain technology.
“It’s like the digital age, it was already there,” he said.
QuickBooks’ funding is “an incredibly exciting investment, but it also means that we are at a point in time where it’s not just a matter of building an enterprise product,” Linsdale said.
He added that Quickbooks would not be shutting down, but rather adding features and capabilities.
The funding comes at a time when blockchain technology is gaining traction across the financial industry.
Earlier this year, the SEC said that banks and other financial institutions could use the technology to track transactions and create new digital records.
Linslay said the new funding is also helping the startup grow, as Quickbooks now has a global network of around 2,000 people who are actively involved in the blockchain space.
Quickchains will provide financial software for consumers, businesses and governments to track and manage their financial records, according Quickbooks.
“With this new funding, Quickbooks will be able to accelerate its efforts in developing an industry-leading, scalable, and accessible financial platform,” Lappsaid in a statement.
“This will allow us to provide our customers with an even greater set of tools and services that will allow them to do business with anyone, anytime, anywhere.”
Linnells new funding comes just weeks after Quickbooks made a splash with its debut blockchain-based mobile app.
Quick books has also been working with banks to build a mobile app for customers.
The bank is working with Quickbooks on building its own version of its platform, according FastCompany.
Lappsays the company is looking for a partner to help build the app.
The app will not be ready to launch until 2018, according Linnels.
Lappelly, who said he hopes to continue to work on the blockchain industry as an engineer and programmer, said the team at Quickbooks has been working on blockchain for several years.
He said Quickbooks could go public by the end of the year.
“The blockchain is the future, and Quickbooks needs to take advantage of that,” he told The Verge.
“But we’re building the technology, we’re the company, and we’re going to make it better than ever.”
Lappella said the company has been in the “digital era” since its founding in 2015.
“We believe the technology is the next big thing,” he added.
“Blockchain is a game changer for the industry.
It’s a game-changer for the world.”
For more from The Hill, visit washingtonpost.com/mills.
