Employer.com scoops up another fintech in purchase of MainStreet.com

Employer.com has acquired MainStreet.com for an undisclosed amount, the latest fintech startup to get snapped up by the workforce management company. In a post on X, Employer.com Chairman and co-founder Jesse Tinsley said the two companies were “merging forces to simplify business back office solutions into one powerhouse platform.” Tinsley confirmed the acquisition to TechCrunch. MainStreet, a San Jose, California-based startup founded in 2019, built a business around helping startups uncover research and development tax credits. The startup generated revenue by taking a put from the pool of credits. MainStreet had some success in its first year, crossing the $1 million ARR run rate threshold and helping the average client save $51,000. In 2021, MainStreet’s revenue crossed $15 million, per industry newsletter Not Boring. Signs of potential trouble appeared in 2022 when MainStreet laid off about 30% of its staff, citing “an incredibly rough market.” At its prime in 2021, MainStreet ... Read full article.