Jessica Mah started the initial development of inDinero at age 19 after meeting her cofounder Andy Su at UC Berkeley. Their inspiration came from realizing that peers in their entrepreneurship club knew how to run a business, but didn't know anything about the finances. inDinero's product first launched on an invitation-only basis in August 2010. The product was initially marketed as the “Mint.com for small business”. The first iteration of the software featured a real-time dashboard with financial tracking and forecasting, including a cash runway gauge, that was still at the core of the product in 2019. In its first version, InDinero charged customers $20 per month for its services. inDinero launched transaction and receipt matching in October 2011, after bringing in more than 20,000 businesses that were generating 5 million transactions per month on its platform. Due to early customer feedback, inDinero added a service component to their business several years later, adding accounting and tax services alongside the cloud platform. In 2013 they opened an office in the Philippines to support this growth. InDinero had to switch up its business model to remain in operation. The company started offering an "all-in-one" solution for businesses seeking accounting, tax and payroll services. Further growth and availability of talent lead the company to open an office in Portland, OR in 2015, which quickly doubled in size over the following year and eventually became the company's headquarters.
Funding and Investors
Upon graduating from Y Combinator in August 2010, inDinero immediately gained angel attention. inDinero closed a $1.2 million seed round the following month, which consisted of investments from Intuit’s David Wu, Yelp’s Jeremy Stoppelman, and YouTube’s Jawed Karim. In February 2013, inDinero received the largest of a three-fund investment from FundersClub in their initial investment in enterprise software companies. Two years later, in February 2015, inDinero closed its largest funding round, a Series B round worth $7 million.
Acquisitions
On May 8, 2018, inDinero acquired San Jose-based firm tempCFO. This move added CFO services to inDinero's offering, enabling them to work with a customer from early stage through to exit. On February 1, 2019, inDinero acquired a second company, mAccounting, an Indianapolis-based accounting and tax firm.
