Eleven years ago, we set out with a radical premise: that the age-old profession of accounting could be transformed by the ever-advancing power of Artificial Intelligence. In 2015, we weren't just a startup; we were pioneers in a landscape that didn’t yet understand nor trust that AI could handle the nuance of a general ledger.

Today, it is with the heaviest of hearts, and also a profound sense of gratitude for the journey, that I announce the closure of Botkeeper.

For over a decade, or roughly one-third of my life, Botkeeper has been ubiquitous for AI innovation in Accounting, and more personally, it has been my family, my friends, my identity, and my life. Together, we pushed an entire industry to undergo a revolution. We evolved from a tech-enabled service for small businesses into a sophisticated platform and partner to accounting firms.

By the end of 2025, our "Infinite" platform had become the AI powerhouse we always dreamed of. It was capable of cleaning up years of messy data in minutes, autonomously reconciling accounts, and coding 80%+ of transactions with a staggering 98% accuracy. We were two months away from launching "Cassie," our voice-activated assistant, and our autonomous check-scanning technology. We didn't just build a product; we built the future of bookkeeping – a vision we instilled in our slogan since launching.

People often ask why or how a tech company, having raised significant amounts of capital from marquee investors, closes suddenly. In our case, it was a "perfect storm" of macro-economic shifts that arrived more swiftly than we could course-correct.

Over the years, we oscillated between Product Concept Fit, a term I coined internally, and Product Market Fit. As quickly as we iterated on our offering and saw early signs of traction, we were met with equally rapid market shifts. Our team and investors remained optimistic, as we were attempting to modernize one of the oldest and largest markets, leading as a trailblazer and innovator.

Then in late 2025, we faced a series of unexpected industry consolidation that significantly impacted our largest clients and, in turn, our revenue and planned growth. The speed and scale of these changes altered our financial outlook in a matter of weeks, ultimately leaving us without a sustainable path forward and requiring us to begin an orderly wind-down of the business.

I have spent the last several weeks pursuing every possible option—exhausting acquisition opportunities, negotiating with lenders, and seeking bridge capital to buy us time to pivot. Because of the sensitive nature of these negotiations and the strict confidentiality required by our partners, I was unable to share the full state of the business sooner. I deeply regret how quickly our momentum toward profitability shifted into insolvency.

As a founder, I must admit a hard truth: despite our technological triumphs, we did not reach a level of product-market fit strong enough to withstand rapid industry shifts or changing market conditions before our time ran out. We built a world-class solution, but the market moved faster than our capital could keep up.

My Sincerest Thanks:

To my Team: You made the vision a reality. You are the smartest, most resilient, determined, ride-or-die people I have ever known. My greatest regret is that I could not provide the long-term home your talent deserves.

To our Clients: Thank you for being the early adopters, the challengers, and the partners who helped us define what "Modern Accounting" looks like. And thank you for the risk and fortitude needed to elicit an industry change even if Botkeeper must now pass the baton.

To our Investors: Thank you for believing in Botkeeper this past decade and supporting us through every peak and valley until the very end. The team is forever grateful.

We didn't reach the summit we intended, but we changed the landscape of the mountain forever and I am immensely proud of the 11 years we spent together, and I will forever be a champion for the revolution we started.

With profound respect and gratitude,

Enrico Palmerino, Founder & CEO, Botkeeper