Crypto financial reporting startup, TRES, secured $11 million in Series A funding, bringing its total funding raised to $18.6 million. The new round was supported by key investors like Faction Ventures, Boldstart Ventures, and New Form Capital, as well as strategic angels.
The investment comes on the heels of reaching 100 clients and assets managed totalling $19 billion. With a 325% quarterly revenue growth since its inception in September 2022, TRES has become a trusted solution for Web3 financial teams and asset managers. The new funds will help TRES enhance its platform for tracking and reporting financial activity - financial bookkeeping - on blockchains, with current support for Bitcoin, Ethereum, Solana, and over 100 other protocols.
“Over the past year, we've utilized TRES for its consistently superior and reliable performance compared to other available systems," said Sean Soper, Head of Financial Operations and Accounting at Alchemy. "From straightforward cryptocurrency exchanges to more intricate operations in liquid staking protocols and smart contracts, TRES has been instrumental in efficiently managing our Web3 financial operations, including within the DeFi space.”
TRES allows customers to accurately monitor their financial activities across various platforms, from DeFi applications like Uniswap and Aave to CeFi exchanges such as Coinbase and Binance. It provides a complete overview of financial transactions across the Web3 space, including staking rewards and NFTs, and connects to traditional finance (TradFi) systems through TRES Link. With integration into Plaid, TRES ensures that businesses can track their digital asset transactions from start to finish, aiding in compliance with audit, tax, and reporting requirements.
"Getting a complete and accurate picture of crypto asset holdings has been impossible until now,” said Tal Zackon, Co-Founder and CEO of TRES. "The complexities of tracking asset transactions and movements in and out of the market is tedious and only getting more intricate as crypto adoption grows. TRES’ Financial Data Lake would enable us to rapidly onboard new blockchain networks and provide the most comprehensive way to get the full and accurate picture across all of their Web3 financial activity. This makes it easy for all customers to stay compliant across their accounting, audit and reporting functions."
In 2023, institutional Bitcoin inflows surpassed $1 billion, with DeFi assets and tokenized U.S. Treasuries also showing substantial growth. As crypto adoption grows globally, VCs continue to invest heavily in compliance and accounting startups. TRES, lauded for its comprehensive financial reporting solutions, has achieved SOC 1 Type 2 and SOC 2 Type 2 compliance and integrated 60 networks in 2023, becoming essential for Web3 finance operations. It also supports financial teams with tools compatible with major accounting and audit systems, and has a presence in Tel Aviv, London, and New York.
"TRES is a necessary tool for any company touching digital assets with financial reporting and audit requirements. Their solution is comprehensive, best in class and helps customers with complex compliance and accounting needs. We are thrilled to support them as they build the backbone of financial operations for the digital assets industry," said Banafsheh Fathieh, Co-Founder and General Partner at Faction Ventures.
