In a strategic move to enhance its financial operations infrastructure, MoonPay has acquired Entendre, an AI-driven accounting platform tailored for stablecoin and fintech companies. The integration of Entendre marks MoonPay’s commitment to expanding its capabilities in managing financial operations related to digital assets.
Entendre specializes in developing AI agents that streamline various financial processes, including reconciliation, bookkeeping, treasury management, reporting, and financial closures for businesses operating with digital currencies. Notably, its clientele consists of prominent companies such as Polygon Labs, Thirdweb, Brale, Babylon Labs, Ostium, Courtyard, and DoubleZero. Collectively, these businesses manage an average of over 30 financial accounts, process approximately 25,000 transactions monthly, and span across multiple legal entities.
According to MoonPay, Entendre’s platform enables users to automate a staggering 93% of journal entries, significantly cutting down on manual workload by more than 50%. Moreover, it accelerates the financial closing process, allowing companies to finalize their books three times quicker than traditional methods. Entendre’s technology effectively bridges the gap between blockchain transactions and conventional accounting systems by categorizing payments, reconciling balances, generating pertinent journal entries, and facilitating audit records.
The platform is designed to seamlessly integrate with established accounting software such as NetSuite, QuickBooks, and Xero, alongside payment and finance tools like Ramp, Stripe, Rain, and Meow. This compatibility enhances the overall efficiency of financial operations for its users.
Kareem Khattab, the founder of Entendre, will transition to MoonPay as the vice president of applied AI, signifying a key leadership change following the acquisition. The implementation of the platform and its team into MoonPay’s operations will occur immediately, with a promise of continued service for existing customers without interruption.
MoonPay’s CEO, Ivan Soto Wright, emphasized that the adoption of stablecoins necessitates financial operations that can match the rapid pace of digital payments. This acquisition not only broadens MoonPay’s scope from payments and trading but also integrates essential back-office systems crucial for managing digital asset transactions.
The acquisition of Entendre follows a series of rapid expansions by MoonPay this year, including the purchase of security infrastructure provider Sodot to launch MoonPay Institutional, as well as the acquisitions of Decent and DFlow to develop MoonPay Trade. The technology from Sodot has already secured over $50 billion in transactions, safeguarding more than 10 million wallets. With the inclusion of Entendre, MoonPay now offers a comprehensive suite of services, which encompasses payments, wallets, trading execution, institutional key management, and AI-powered financial operations.
