Zeni, a bookkeeping and accounting finance startup that leverages artificial intelligence to help assist and advise other startups, officially debuted Tuesday, March 9, 2021.
The company, based in Palo Alto, California, began beta testing in late 2019 and has already signed up more than 100 customers, mostly other startups. The system provides bookkeeping, accounting and CFO services. Features include bill payment, invoicing, expense and receipt management, financial projections, budgeting, financial planning and analysis, payroll administration, monthly financial statements, yearly taxes and R&D credits. Zeni blends artificial intelligence and human finance experts to perform daily bookkeeping and manage the financial needs of startups. Its Dashboard displays real-time data such as burn rate, operating expenses, cash/card balances, revenue by product, and various other reports that help its clients understand, manage and leverage its financial information.
According to Zeni’s founders, CEO Swapnil Shinde and his twin brother Chief Product Officer Snehal Shinde, the system already manages over $200 million in funds per month, has processed more than $300 million in transactions in its first year, and is on track to process a total of $1 billion in transactions in the next 12 months.
The Shindes developed an AI-powered travel assistant Mezi, which they sold to American Express in 2018. They then drew on their technical expertise and first-hand experience with the earlier startup and also recruited a team of CPAs, accountants, tax advisors, FP&A experts and CFOs around the world to create Zeni. They were all able to work remotely during the pandemic to develop the system, get VC funding and sign up customers.