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TigerBeetle: A Powerful Open Source Database for Payments

TigerBeetle is an open-source database designed for high-volume online payments and financial transactions, capable of handling thousands of transactions per query. It was developed by software engineer Joran Dirk Greef, who saw the need for a specialized database to handle the demands of modern payment processing. TigerBeetle addresses the limitations of traditional databases, which struggle to efficiently process large volumes of transactions, leading to increased latency and reduced performance.

• It offers a solution to financial consistency, eliminating the need for developers to build a system of record from scratch.
• TigerBeetle's high-throughput design enables it to handle more than 8,000 transactions with a single query, significantly outperforming general-purpose databases.
• It prioritizes performance and scalability, ensuring fast and efficient transaction processing.

TigerBeetle's Origin and Evolution

The idea for TigerBeetle originated as a skunkworks project at Coil, a web monetization startup where Greef was working. He recognized the limitations of the traditional database used by Coil for payment processing and conceived of a more efficient and powerful solution. After two years of development, TigerBeetle was spun out as a startup to provide its specialized database technology to a wider audience.

TigerBeetle's Focus on Payments and Financial Transactions

TigerBeetle excels in handling online transactions involving money or other valuable assets. Its key features include:

• Debit/credit primitives for streamlined financial transactions.
• Financial consistency enforced by the database, eliminating the need for external systems.
• Ideal for use cases involving tracking value movement between individuals or entities, such as internal ledgers for financial institutions.

TigerBeetle provides a robust infrastructure for applications such as:

• Core banking systems.
• Brokerage platforms.
• Inventory management.
• E-commerce platforms (shopping carts).
• Crowdfunding platforms.
• Reservation systems.

TigerBeetle's Business Growth and Funding

TigerBeetle has gained significant traction, attracting paying customers since its inception. The company recently closed a $24 million Series A funding round, led by Spark Capital, with participation from Amplify Partners and Coil. This funding will fuel TigerBeetle's engineering efforts, go-to-market strategies, and the development of its cloud platform. TigerBeetle is currently valued at around $100 million post-money.

TigerBeetle's Managed Service and Community

TigerBeetle offers its database technology as a managed service, providing a hassle-free experience for developers and businesses. The company has experienced rapid growth, with its community of users and contributors expanding over 200% year-over-year. TigerBeetle's managed service is currently available by invitation only, but the company plans to expand access to a wider audience in the near future.

TigerBeetle's Future: Expanding the Database and Cloud Platform

TigerBeetle's future is focused on expanding its database capabilities and building out its cloud platform. The company envisions a world where its database becomes a fundamental building block for modern applications requiring high-volume transaction processing.

Key Takeaways

TigerBeetle is an innovative open-source database designed specifically for high-volume financial transactions, offering a managed service that simplifies payment processing and financial data management. The company is rapidly growing, attracting both commercial customers and an active community of developers. With its focus on performance, scalability, and security, TigerBeetle is poised to play a significant role in the future of online payments and fintech.