Accrual, an AI platform for accounting firms, said on September 4, 2026 that it had agreed to acquire the accounting-firm technology and business of Puzzle, a San Francisco startup that built an AI-native general ledger. Financial terms were not disclosed.
The deal covers Puzzle's ledger and month-end close products for accounting firms. Puzzle founder and chief executive Sasha Orloff and members of his team will join Accrual. Puzzle will keep operating independently for the startups and small businesses that use its general ledger and accounting platform directly.
It is Accrual's first acquisition since it launched in February 2026. The deal is expected to close in the coming weeks, subject to customary conditions.
What Puzzle built
Puzzle launched at the end of 2019 and worked with more than 500 startups while in beta, before emerging publicly with its Series A. Its pitch was to rebuild the general ledger from scratch around real-time data from the financial tools startups already use, such as Stripe, Gusto, Rippling, Mercury, Brex, Ramp and Pulley.
The company later built an AI-native accounting workspace around its ledger, with products called AI Close, Cowork and Chat. According to the deal announcement, its technology serves more than 7,000 startups, small businesses and accounting firms.
“Puzzle has built exceptional ledger and close technology, and Sasha and his team have a rare understanding of both accounting work and the software required to improve it.”
How Puzzle grew
When Puzzle announced its Series A, it had 30 employees and planned to hire with the money. Orloff described it then as "the first smart accounting software", combining a streaming financial data platform with a general ledger so that founders could understand fundraising, taxes and the overall financial health of a startup in one place.
By November 2023, after launching its generative AI features in July, the company said it was growing at double-digit rates each month, with customer numbers rising about 15% month over month. "Our goal is for Puzzle to become the essential financial infrastructure for all modern companies," Orloff said at the time, adding that Puzzle wanted to give founders insights and accountants software that fitted how they work.
Why Accrual is buying
Accrual started with tax preparation and wants to give accounting firms a single AI platform across tax, audit, client accounting and advisory work. Puzzle's technology takes it into client accounting services, the bookkeeping and close work firms do for clients. Accrual's offering in that area is in early access, and it plans wider availability using Puzzle's ledger and close technology by the end of 2026.
Accrual launched with $75 million led by General Catalyst and says it is used by firms including Armanino, Aprio, H&R Block, Creative Planning, BMSS and Stephano Slack, along with other top 100 accounting firms.
"Puzzle has built exceptional ledger and close technology, and Sasha and his team have a rare understanding of both accounting work and the software required to improve it," said Cosmin Nicolaescu, Accrual's co-founder and chief executive.
The founders and the funding
Puzzle raised a $5 million seed round and a $15 million Series A, both led by General Catalyst, according to TechCrunch. More than 100 industry angels, including startup CFOs, joined the Series A, which brought total funding to $20 million at the time.
In November 2023 the company announced a further $30 million led by S32 and XYZ Capital, with participation from General Catalyst, FOG Ventures, Felicis, Kapor Capital, Sterling Road, Born Ventures, Soma Capital, Alumni Ventures, Gaingels and more than 50 CFOs and operator angels. Puzzle said that brought its total funding to $50 million.
General Catalyst's backing of both companies links the two sides of the deal. Orloff said he and Nicolaescu shared the view that AI is changing accounting at the level of the engagement while leaving professionals responsible for judgement and review.
What happens to customers
Startups and small businesses that use Puzzle's ledger directly should see no change, since that business stays independent. Accounting firms using Puzzle's products will move to Accrual, which plans to invest more in product and engineering for client accounting and advisory workflows.
