How AI Agents Are Closing the Books for Onchain Companies

Starting with the hard part

Kareem Khattab says Entendre Finance began in 2023 with "the most underserved, most difficult, least sexy" part of accounting: digital assets and stablecoins. The platform uses a network of AI agents trained on both blockchain semantics and accounting principles to automate bookkeeping and financial reporting for onchain transactions.

He says Entendre Finance has since moved past crypto alone and now handles the general accounting of customers that have grown with it, with the goal of making a digital dollar the same as a dollar in the back office.

Customers and their growth

The client list includes Rain, Braille, Polygon Labs and Lava. Khattab says customers have over 30 financial accounts on average. Lava, the first customer and a Bitcoin lender backed by Founders Fund, raised $200M in Q4 last year and became a unicorn, and he counts about 10 such instances across the client base.

According to Khattab, Entendre Finance customers raised $1B in venture capital in the last 12 months, in Series A, B and C rounds rather than seed rounds. Pricing depends on business complexity, legal entities, financial accounts, token consumption and number of agents, and he says net revenue retention rises as customers grow and trust the company with more of their accounting.

Tailwinds and new chains

Khattab names two tailwinds: stablecoin adoption and the move from RPA-based to LLM-based automation. He says the biggest gating item now is controllers, CFOs and boards, who care about compliance, financial reporting and AI strategy. Entendre Finance also now supports Canton, a chain where he says privacy matters to institutions, and he points to Tempo as another chain on the rise.