“We are in the preparatory phase to obtain the American certification of chartered professional accountants, explains its president”, affirms the president of Stamped, Simon Langlois.
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The young accounting company Stamped will continue its growth towards the United States, learned Les Affaires.
The Quebec firm has raised $2 million in funding to expand outside the province. Its new investors include Telegraph Hill Capital from Spain, Mucker Capital and I2BF Global Ventures from the United States, and Highline Beta from Toronto.
“As we work in a regulated field, we are in the preparatory phase to obtain the American certification of chartered professional accountants, explained its president Simon Langlois in a telephone interview. The goal is to be operational by July. We want to have a certain strike force there.”
The company, which has developed a platform that simplifies and automates the accounting certification of SMEs, will also continue its breakthrough elsewhere in Canada, which represents less than 10% of its turnover.
“We’re focusing on Ontario and British Columbia,” says the co-founder of Stamped. We have a beginning of traction, but we want to accelerate our expansion. We want English Canada to represent 40% of our income by 2022.”
For the moment, the SME created in 2018 does not plan to open offices outside Quebec, but it will still hire employees in these markets. It wants to increase its workforce from 21 to 35 this year.
“The goal is to grow in digital mode, says Simon Langlois. Our typical client is an SME that has a turnover of $5 million or less with a number of employees less than 20. They are looking to optimize their administrative department with cloud computing tools.”
Stamped’s platform is designed to integrate with apps like Quickbooks that are used by SMBs so they can track accounting transactions in real time.
“This makes it possible, for example, to avoid having to manually extract data from Excel, a tedious job that requires clerical resources, specifies the leader of Stamped. We transform the sprints of rendering the end-of-year financial statements into a continuous exercise.”
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