Meet the 21-year-old dropout turned Web3 founder – and raised $3.2 million in 6 months
Arnav Bathla, 21, had dropped out of college, made the bold decision to move to the United States one-way, and founded Coinbooks, a San Francisco-based Web3 startup, creating accounting software designed for crypto- indigenous organizations.
The company, which Arnav calls “Quickbooks for crypto”, is only 6 months old and has now raised a total of $3.2 million with backing from world-class investors like Lattice Capital, Founders, Inc. Multicoin Capital and even Polygon’s
Originally from India, Arnav had dropped out of college last year to pursue his dream of founding his own tech company. He said that since the age of 13, he has always been fascinated by computers and technology. He then took inspiration from the stories of Mark Zuckerberg and Steve Jobs to create his own product that will impact billions of people around the world.
However, it wasn’t always a straight line and it certainly wasn’t an overnight success for Arnav. Over the past 2 years he’s been toying with different ideas and almost none of them have solved an “urgent” problem. He went from idea to idea until at some point in his journey he had nothing but $0.50 in his bank account. He said he was basically able to survive on pitch competition money.
“I had $0.50 in my bank account and at one point I had to go 2 days without meals and survive on the money I received from pitch competitions.” said Arnav.
Despite what he’s been through, Arnav has developed an important skill: courage. He believes that courage is a skill that all founders should have. Moreover, he always believed that he was destined to become a startup founder, which is why he never gave up.
The idea for Coinbooks was born when he saw that an increasing number of crypto-native businesses had to manage their accounting in a very manual and repetitive way. Also, no one wants to deal with back-office work. So the idea is simple, crypto teams will connect their crypto wallet(s) and integrate their existing account software like Quickbooks, then Coinbooks will process transactions and accounting under the hood with just a few clicks. Tagging and tagging a transaction is quick and easy.
According Without bank, there are over $14 billion in DAO cash volume and over 978,000 DAO members. The total number of DAOs has increased by more than 660% in the last 2 years. 36% of US SMBs accept crypto and there are over 250,000 transactions every day. By tackling the problem end-to-end, the company is tackling a trillion-dollar market with an ambitious product roadmap.
There are competitors in the crypto accounting space like Guilded, Blockpath, and TaxBit. However, according to Arnav, Guilded and Blockpath (both of which are available as Quickbooks integrations) are not specialized for B2B and TaxBit is a mix of B2C and enterprise. What makes Coinbooks different is that they are specialized for B2B and fulfilling GAAP rules for accounting. The company also designs for speed with the aim of improving user experience, since it assumes that users themselves do not want to spend a lot of time managing their transactions.
Arnav also adds that, “Accounting is an area that needs more iteration and innovation in the crypto space and the truth is that founders and teams don’t want to handle accounting operations themselves, even for non-web3 companies, that’s why they always delegate and outsource.”
Coinbooks is currently building the fastest accounting software for crypto-native organizations and already has clients like Layer3, ThirdWeb, and Pointer. The company has also partnered with accounting and tax preparation firms such as Fondo, Metacounts, and Electrafrost.
When asked about his 10-year vision for Coinbooks, Arnav said: “Become the financial infrastructure of the crypto industry.” The plan is to not only create accounting software, but to provide a complete financial back office, which includes managing crypto payments, payroll and compliance for Web3 organizations, tax preparation like TurboTax and the provision of a financial director.
When asked what advice he would give to aspiring founders and tech entrepreneurs, he said developing courage and resilience was key. “It’s going to be hard and difficult. You need to make sure you surround yourself with the right people, especially those you admire or those who have been where you are. In my case, I had to reach out to the Series B founders for their advice and mentorship.”
Arnav envisions a world where everyone pays in crypto and in a decade every business that transacts in crypto will be using Coinbooks.