Funds will support the company’s efforts to expand its global team and add new features to transform enterprise crypto finance operations
SAINT-JULIEN-EN-GENEVOIS, FRANCE / ACCESSWIRE / June 9, 2022 / Web3 enterprise crypto payments startup Request Finance has closed a $5.5 million seed round involving institutional backers including prominent Metaverse firm Animoca Brands, Europe’s leading early-stage venture -Capital investors Balderton Capital and XAnge.
The round also attracted a number of high-profile Web3 founders, including Sebastien Borget, co-founder and COO of The Sandbox, Michael Kong, CEO of Fantom, and Stani Kulechov, founder and CEO of Aave, and Julien Bouteloup, founder of StakeDAO.
The infusion of funds will help Request Finance continue to fulfill its mission of simplifying corporate payments for crypto-native businesses. Since its launch in January 2021, Request has already helped nearly 2,000 Web3 teams to manage and automate their invoicing, expenses, payroll and accounting from a unified dashboard.
“The opportunities that lie in providing payments for the open metaverse have attracted a number of large, traditional payments companies. But crypto-native solutions like Request Finance play a critical role in meeting the needs of Web3 businesses and their communities,” said Yat Siu, executive chairman and co-founder of Animoca Brands.
Request’s focus on common issues like regulatory compliance and financial reporting has caught the attention of industries across the Web3 ecosystem. These include DeFi companies like Aave, Metaverse, and NFT-related projects like The Sandbox and DAOs like Maker.
Request’s robust suite of business-friendly features like on-chain payment confirmations, automated invoicing, mark-to-market exchange rates, and integrations with accounting software like Quickbooks and Xero have helped the company quickly become the leading crypto payments platform for businesses.
“The popularity of cryptocurrencies poses serious challenges for CFOs and their teams. Bank accounts are increasingly being replaced by wallets, financial institutions are now competing with decentralized lending protocols, and legacy payment networks are being replaced by blockchains. The traditional enterprise finance software stack of tools like Melio Payments or Bill.com is less relevant than a crypto-native tool like Request Finance,” said Maxime Le Dantec, Principal at Balderton Capital.
The rise of remote working in recent years has prompted many teams to turn to Request Finance to simplify their payment infrastructure and manage their global payroll in crypto, which has become essential in an era of distributed teams.
As the regulatory landscape surrounding crypto payments continues to change, particularly in relation to tax and money laundering (AML) laws, Request Finance helps businesses document key information to ensure they are compliant no matter what sector or which jurisdiction they operate in.
A new suite of in-app services is in the works that will help businesses better manage their crypto-financial operations, including bill funding, escrow, and even yield farming. Request has also supported Web3cfo.club, a fast-growing community of finance and operations leaders at well-known Web3 companies including Bankless, Consensys, Edge and Node, The Sandbox and many others.
For those interested in getting an overview of the emerging issues and best practices in managing crypto, Request Finance hosts regular podcasts on The Accountant Quits, featuring accounting and finance professionals as guests.
About financial inquiries
Request Finance is working to build the best payment automation system for Web3. Its suite of financial tools helps crypto-first organizations, contractors, and freelancers manage their crypto finances in a unified dashboard, from billing and expenses to payroll and bookkeeping. Request Finance co-founder Christophe Lassuyt is a Y Combinator graduate who previously founded Moneytis.com to solve international money transfers using cryptocurrency payment rails.
Media contact:
Ivan Hong, Content Director
[email protected]
SOURCE: request financing
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