Financial News
Singapore Crypto Payments Startup Raises $5.5m from Animoca Brands, European VCs, and Web3 Founders
June 09, 2022 at 07:07 AM EDT
Request Finance Raises $5.5m Seed Round
Request Finance Simplifies Crypto Invoicing
Request Finance Has Processed Over $200m in Crypto Invoices
Request Finance, the Web3 enterprise crypto payments startup, has closed a $5.5 million seed round
SINGAPORE, June 9, 2022 /EINPresswire.com/ -- Request Finance, the Web3 enterprise crypto payments startup, has closed a $5.5 million seed round with institutional backers including prominent metaverse company Animoca Brands, Europe's leading early-stage venture capital investor Balderton Capital, and XAnge.The company’s seed round also attracted a star-studded lineup of Web3 founders including, Sebastien Borget co-founder and COO at The Sandbox, Michael Kong, CEO of Fantom, and Stani Kulechov, founder and CEO of Aave, and Julien Bouteloup, Founder of StakeDAO.
Christophe Lassuyt, CEO and co-founder of Request Finance, said: “We are encouraged by the overwhelming interest that we have received from our early adopters. Compliance-friendly companies choose Request Finance to document their crypto transactions, and love the experience.”
Simplifying Enterprise Crypto Payments
Request Finance simplifies and automates invoicing, expenses, payroll, and accounting in crypto for more than 1,900 Web3 teams. Since launching in January 2021, a whopping $200 million in crypto invoices have been paid through Request Finance.
By addressing common pain points with enterprise crypto payments like financial reporting and regulatory compliance, it has attracted users from different Web3 verticals. This includes DeFi companies like Aave, metaverse and NFT-related projects like The Sandbox, and DAOs like Maker.
Yat Siu, the executive chairman and co-founder of Animoca Brands, commented: “The services provided by Request Finance allow Web3 projects - including some Animoca Brands companies - to save time and effort on crypto payments. We believe the company has a significant potential for growth and expansion.”
Noting the startup’s popularity among large metaverse projects, Yat Siu said: “The opportunities that lie in powering payments for the open metaverse have attracted a number of large, traditional payment companies. But crypto-native solutions like Request Finance play a critical role in addressing the needs of Web3 enterprises and their communities.”
With enterprise-friendly features like on-chain payment confirmations, automated billing, mark-to-market exchange rates, and integrations with accounting software like Xero, Request Finance has rapidly grown to become the leading enterprise crypto payments platform.
Maxime Le Dantec, Principal at Balderton Capital, said: "The popularity of cryptocurrencies poses serious challenges to CFOs and their teams. Bank accounts are increasingly replaced by wallets, financial institutions now compete with decentralized lending protocols, and legacy payment networks are being replaced by blockchains. The traditional enterprise finance software stack made of tools like Melio payments or Bill.com is less relevant than a crypto-native tool like Request Finance."
Despite the proliferation of Web2 fintech payments platforms, the company’s backers believe that the crypto-native, non-custodial platform is better suited for a blockchain-based financial system.
“As an early investor in Revolut, I am excited to see how Request Finance is building the next layer in the stack by helping companies easily and securely adopt crypto payments.”, said Andrew Nutter, an angel investor who backed the company’s seed round.
The startup has also attracted a wide range of professional services firms serving Web3 companies like accounting firms, PR companies, and event organizers. It has also seen growing interest from Web2 tech companies, as more clients inquire about paying in crypto.
Rising Demand from Remote Work
Several macroeconomic trends are behind Request Finance’s rapid growth. For one, the rise of remote work in the wake of the global pandemic, and the mushrooming of remote-first Web3 companies and DAOs has been a boon to the company.
“Request Finance has been key in providing crypto payments and invoicing services for the Fantom ecosystem. Their intuitive and efficient payment infrastructure has proven essential for freelancers and their clients in an era of remote work.”, said Michael Kong, CEO of the Fantom Foundation.
More remote-first web3 teams are turning to Request Finance to manage their global payroll in crypto.
Sebastien Borget, Co-Founder and COO of metaverse giant, The Sandbox, who personally backed the company’s seed round, said: “We've been looking for a robust solution to enable the crypto payments of hundreds of monthly invoices; salaries and various expenses generated through our activity; Request Finance has been the go-to solution that delivered above our expectations and that scales as The Sandbox keeps expanding the open metaverse.”
Helping Companies Comply With Crypto Regulations
With increasing calls for crypto payments to be regulated under existing tax and anti-money laundering laws, Request Finance offers enterprises an easy way to document critical information about their crypto payments which are typically required by the authorities.
Alexis du Peloux, Principal, at XAnge, commented: “After backing Ledger, Coinhouse, and Dogami we're backing a Web3 company that is set to become an essential part of tooling for Web3 businesses like DAOs, DeFi platforms, metaverse companies, and more.”
Enabling Enterprise Crypto Adoption
The latest round of funding announced today will be used to expand the company’s global team. Request Finance is actively hiring for a number of new roles including a Chief Finance Officer (CFO), software developers, as well as positions in business development and marketing.
The fresh round of capital will also support the company’s efforts to expand its in-app services to include invoice financing, escrow, and even yield-farming. These features are aimed at helping enterprises better manage their crypto financial operations.
Ivan Hong
Request Finance
+65 90558883
ivan.hong@request.finance
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