Startup
Puzzle
AI-native general ledger for startups and small businesses with real-time books and a generous free tier; its accounting-firm business and founder moved to Accrual in 2026 while the direct product continues.
| Founded | 2019, San Francisco |
|---|---|
| Founders | Sasha Orloff (CEO, now at Accrual), John Cwikla |
| Stage | Series A, followed by a $30m round in November 2023 |
| Total funding | $50m |
| Last round | $30m, November 2023, led by S32 and XYZ Capital; investors include General Catalyst, Felicis and Kapor Capital |
| What it does | Automated bookkeeping, bank and card sync, revenue recognition and financial statements for startups, with a free tier for early-stage companies |
| Traction | More than 7,000 startups, small businesses and firms; the firm-facing technology and team were acquired by Accrual in 2026, the direct product continues independently |
| Pricing | Free tier; paid plans by company stage |
| Markets | US |
| Peers | Quanta, Kick, Zeni, Pilot, QuickBooks |
Why it matters
Puzzle built one of the first AI-native ledgers and reached 7,000 customers before selling its firm business to Accrual in 2026. What remains is the direct startup product, which makes it a test of whether a free, automated ledger can hold its own against QuickBooks.
Accountio coverage
Accrual Acquires Puzzle to Bring AI Close to Practice Management
Part of Accountio’s accounting technology coverage.
