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Fondo wants to mitigate the American accountant shortage with its AI bookkeeping service
Despite all the talk of doom and gloom about the economy, entrepreneurship is actually on the rise in the U.S.: In 2024, an average of 430,000 new
Serial entrepreneur David Phillips sees an opportunity to fill this growing gap with his latest venture Fondo, which uses software, AI, and accounting experts to offer a bookkeeping platform aimed at startups and small- and medium-sized businesses. The four-year-old startup, which operates on a subscription-based model, has already secured approximately 1,200 customers, reached annual recurring revenue of $6 million, and is profitable, Phillips said. It is also building an AI agent for its internal team and customers, who can use it to extract insights and analysis about their financial statements, accounts, cash flow and more, Phillips said.
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