Financial transaction database TigerBeetle has raised $24 million in a Series A funding round led by Spark Capital.
Natalie Vais, general partner at Spark, was joined in the round by Amplify Partners, Coil and a group of angels.
TigerBeetle grew out of a project at web monetization startup Coil, where engineer Joran Dirk Greef worked on a special database for storing and processing transactions. In 2022, the project spun off as TigerBeetle under Greef’s leadership and secured $6.4 million in seed funding from Coil and Amplify Partners.
In a blog, Greef notes that “the world is becoming more transactional” as India and Brazil increasingly rely on digital payments.
“In less than a decade, the world has become at least three orders of magnitude more transactional. And yet the three most popular general-purpose database designs, Postgres, MySQL and SQLite, while great for building apps, are 20 to 30 years old, designed for a different era of transaction processing,” he writes.
TigerBeetle’s open source online financial transaction processing database is capable of processing more than 8,000 debit and credit card transactions in a single query. This, the company says, makes it 1,000 times faster than a general-purpose database with a fraction of the hardware and a more extensive set of primitives.
The new funding will be used to expand TigerBeetle’s eight-person workforce and acquire new customers, Greef tells TechCrunch.