SAN FRANCISCO, Aug. 16, 2022 /PRNewswire/ -- Since Rutter's February announcement launching a move beyond commerce and payment processor integrations and into accounting, the company has made significant progress towards its mission of being the single, universal API for commerce and business financial data, announcing:
- Coverage for all the major accounting platforms in the US and UK which cover over 85% of businesses
- Major customers like Mercury, Baton Market, Brightflow and several others choosing Rutter over Codat for accounting integrations
- Growth of Rutter employee count by 5x and revenue by 4x to date in 2022
"Our customers consistently call out our reliability, platform coverage, and customer support as differentiators versus other accounting API providers like Codat" said CEO, Peter Zhou, "and have been transitioning their accounting integrations to reap the benefits of Rutter across even more integrations."
Over the last 8 months, Rutter has used their Series A funding from a16z to grow the team from 10 to 50 people and added marquee customers like Ramp, Mercury, Parafin, and Airwallex.
Rutter's current accounting integrations include Quickbooks (Online and Desktop), Xero, Sage (Business Cloud and Intacct), Netsuite, and Freshbooks which means the majority of businesses' accounting data in the US and in the UK can be reliably connected through Rutter's API. Rutter continues to invest in building more integrations and expects to release dozens of additional platforms in the next few months.
Fintechs struggle to get access to all the business financial data they need (banking, accounting, and commerce) in a systematic, structured manner. Rutter initially filled that void for commerce and is excited to expand into accounting and help fintechs paint a holistic financial picture of their customers quickly and efficiently.
Mercury's Business Lead for its Capital division, Parker Wilf, notes in a blogpost announcing Rutter and Mercury working together, "We're eager to revolutionize the venture debt application process with Rutter. We believe that digitizing the diligence and underwriting process is an industry-first that will make applying for venture debt much quicker and more seamless for our customers."
Rutter is the Universal API for reading and writing data across different commerce platforms, marketplaces, accounting systems, and payment processors. Rutter makes it easier for companies to access data to offer data-driven loans, underwrite merchants and SMBs, launch in new marketplaces, and more. Visit www.rutter.com to learn more.
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