Financial transactions database TigerBeetle has successfully raised $24 million in a Series A funding round, led by Spark Capital.
Spark general partner Natalie Vais participated in the round along with Amplify Partners, Coil, and several angel investors.
TigerBeetle originated from a project at web monetization startup Coil, where engineer Joran Dirk Greef developed a specialized database for transaction storage and processing. In 2022, the initiative was spun out as TigerBeetle, with Greef at the helm, securing $6.4 million in seed funding from Coil and Amplify Partners.
Greef highlighted in a blog that “the world is becoming more transactional,” particularly as countries like India and Brazil move towards digital payments. He noted that in less than a decade, the global transaction landscape has transformed significantly. Despite this, popular general-purpose databases like Postgres, MySQL, and SQLite are outdated, designed for a different era of transaction processing that occurred 20-30 years ago.
TigerBeetle offers an open-source database optimized for online financial transaction processing, capable of handling over 8,000 debit and credit card transactions in a single query. The company claims this makes it 1000 times faster than traditional general-purpose databases while using significantly less hardware and providing a richer set of operational capabilities.
The recent funding will be allocated to expanding TigerBeetle’s team of eight and acquiring new customers, as Greef informed TechCrunch.