Crescent fintech raises $5m pre-seed round, launches platform to help companies improve cash management
Crescent, a fintech best known for crypto-backed high yields, announced it has raised $5 million pre-seed round from strategic angels and tech founders including Anchorage Digital CEO Nathan McCauley - launches platform to help companies improve cash management.
Spend management and sustainable growth are amongst the hottest topics in Silicon Valley right now. Tech companies and startups are cutting costs through layoffs, revoking job offers, and expense management to extend runway in what could be a long fundraising bear cycle. While many companies are looking at ways to trim spending, Grant Roscoe, the founder of Crescent, noticed that most were ignoring the other side of the equation: how effectively their idle capital was being used.
For years, corporate cash management has consisted of a checking and money market account. Both offer negligible yields and provide little in the form of automation or insights. The current solution also requires finance teams to regularly shop for rates, which is time-consuming. This idea led Roscoe and Crescent to create their latest product, a cash management platform that aggregates top business-friendly yields and helps companies deploy idle capital easily through automation and cash flow insights. Current yields include a 4% APY USDC-backed yield and 1% APY FDIC insured yield option.
While spend management and accounting products such as Ramp and Quickbooks help companies understand their financial picture through post-purchase tracking, Crescent is determined to help them go further with existing cash, without introducing friction to finance teams.
Crescent's pre-seed round was led by strategic angels and tech founders including: Nathan McCauley, CEO of Anchorage Digital, the first OCC-chartered crypto bank. Crescent, which is onboarding early clients, sees its fundraise as a catalyst for growing its userbase, expanding its feature suite, and building out its automation and integration library to help finance teams put cash management on autopilot.