The Situation
Engagement Details
Industry: Fintech
Ownership: Institutional
Duration: 24 Months
A promising Fraud detection and prevention platform startup serving the world’s largest finance, eCommerce, and services companies in the world required Controller and Accounting services during a period of rapid growth and capital raising. The company had outgrown its prior providers and sought a startup-focused firm to lead reporting during their rapid growth.
The Execution
Took charge of QuickBooks Online (QBO) with integrations with Justworks, Bill.com, and Carta
Established Accounts Payable process with Bill.com automation for over 50 vendors, including U.S. and foreign subcontractors
PPP and EIDL loan application and forgiveness (PPP) advisory
Closed monthly books and produced detailed analytics reports around COGS and gross margins, operating margins
Assisted management with sales tax study and foreign entity tax reporting requirements for UK entity
Supported the company through raising over $6 million in equity capital from HNW individuals, family offices, and venture capital firms
The Results
Pinewood offered Controller and complete finance back office support during the two-year period when outsourcing the best option for the rapidly growing company. During COVID, Pinewood assisted the company in acquiring PPP and SBA EIDL Loans to assist the company during the economic downturn. The Company is still healthy, increasing sales, raising additional growth capital, and leading the charge in the high-demand enterprise fraud detection and mitigation industry in 2022 and beyond.