San Francisco-based fintech startup Pilot announced Tuesday that it raised $60 million in a Series C round led by Sequoia Capital.
Pilot launched in 2017 as a bookkeeping service. Since then, the company has expanded to cover a wide range of back office services for startups and small businesses.
“We wanted to solve a problem we’d faced ourselves at our previous startups: managing the back office is both really important and really painful for every business owner out there,” Waseem Daher, co-founder and CEO of Pilot, said in a statement. “Tending to our bookkeeping, taxes, R&D credits and budgets was a costly distraction from running our actual business — but one we couldn’t ignore.”
The Pilot platform directly integrates with existing billing, banking, expense and payroll systems to handle traditionally time-consuming financial tasks.
Last year, Pilot launched a number of new features to help maximize financial outcomes for small businesses struggling to make ends meet in the pandemic. The company’s CFO service started as a way to help fill the void for small businesses that don’t have access to a team of financial analysts.
The service covers everything from customer growth planning to sales efficiency optimization. The company also provides its bookkeeping customers with a monthly variance analysis to better keep track of spending.
In 2020, Pilot landed more than $3 billion in bookkeeping transactions for its clients, according to the company.
Pilot will use the additional capital to improve its platform and launch new features as it continues to scale. The company is also hiring for dozens of open positions across its engineering, finance, marketing and sales departments.
Additional investors Index Ventures and Stripe participated in the round.
Pilot has raised a total of $121.3 million in financing to date, according to Crunchbase.
