From Coinbase Exit to $3M Funding: The Rise of Open Ledger
At just 24 years old, Pryce Yebesi has already achieved what many entrepreneurs spend decades pursuing. After successfully exiting his first crypto venture to Coinbase, the young founder is back with a groundbreaking new startup that’s redefining financial automation.
The Genesis of Open Ledger
Yebesi’s journey began at Utopia Labs, where as Chief Product Officer, he developed crypto invoicing solutions that saved customers 70-80% of their accounting time. This experience revealed a critical market gap:
- Legacy accounting systems remain painfully outdated
- Businesses waste countless hours on manual financial tasks
- Existing solutions lack integration with modern workflows
“The lightbulb moment came when I saw how much time our customers were still losing to clunky accounting software,” Yebesi told TechCrunch. “Open Ledger is our AI-driven solution that brings accounting directly into the tools businesses already use.”
$3M Seed Round and Strategic Backing
Open Ledger has secured $3 million in seed funding from an impressive roster of investors:
- Lead Investors: Kindred Ventures (returning backer from Utopia Labs) and Blank Ventures
- Notable Participants:
- Adventure Fund
- Jonathan Chang (Brex)
- Guy Friedman (SteadyMD CEO)
- Zach Abrams (Bridge founder, acquired by Stripe for $1B)
Yebesi described the fundraising process as “smooth,” crediting existing relationships and Open Ledger’s compelling vision for embedded financial infrastructure.
Revolutionizing Accounting Through AI
What sets Open Ledger apart from compe*****s like QuickBooks, Layer, and Teal? The startup has completely reimagined the financial data layer with:
- Embeddable Components: Seamless integration into existing business tools
- AI-Powered Features: Automated categorization, reconciliation, and reporting
- Secure Data Architecture: 7 months spent developing proprietary AI workflows that protect sensitive information
“We’ve solved the critical challenges of context limits, latency, and security when connecting transaction databases to LLMs,” Yebesi explained.
Market Traction and Future Plans
Though still in beta, Open Ledger has already:
- Secured undisclosed contracts with SaaS providers, fintechs, and banks
- Built solutions serving small-to-medium businesses through partner channels
- Scheduled full public launch by month’s end
The funding will accelerate:
- Team Growth: Hiring across product, engineering, and business development
- AI Training: Developing specialized financial models
- Compliance Infrastructure: Building robust regulatory frameworks from day one
Yebesi’s ambitious goal? Supporting one million end users by year-end while maintaining a lean operation. “Our mission is simple,” he concluded. “Help businesses spend less time on accounting and more time serving their customers.”
Correction: This story has been updated to accurately reflect the spelling of Open Ledger, Ashtyn Bell’s professional background, and to include Blank Ventures as an investor.
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