Singapore Crypto Payments Startup Raises $5.5M from Animoca Brands, European VCs, The Sandbox Founders, Fantom and Aave
The new capital round will support the company’s efforts to expand its in-app services and grow its team to capture a larger share of the growing crypto payments space. According to a report by blockchain data platform Chainalysis, the volume of cryptocurrency transactions worldwide has increased to $15.8 trillion in 2021, up 567% compared to 2020.
Yat SiuExecutive Chairman and Co-Founder of Animoca Brands, said, “The services provided by Request Finance allow Web3 projects – including some Animoca Brands companies – to save time and effort on crypto payments. We believe that the business has significant potential for growth and expansion.”
Simplify Enterprise Crypto Payments
Since its launch in January 2021a standard $203 million in crypto bills have been paid in the app. Today, Request Finance simplifies and automates crypto invoicing, expenses, payroll, and accounting for over 2,000 Web3 teams.
Sebastien Borgetco-founder and COO of metaverse giant, The Sandbox, who personally backed the company’s seed round, said, “We were looking for a robust solution to enable crypto payments for the hundreds of invoices; salaries and various expenses generated by our request for funding has been the go-to solution that has exceeded our expectations and is evolving as The Sandbox continues to expand the open metaverse.
It all started with a simple idea: give businesses a better way to pay and get paid in crypto.
The founders saw serious issues that needed to be addressed before more companies started using crypto. For one thing, making crypto payments by copying and pasting wallet addresses from a spreadsheet is both laborious and woefully vulnerable to human error. On top of that, keeping proper financial records of crypto transactions was also an accountant’s nightmare.
To address these issues, the team created a suite of business-friendly features like on-chain payment confirmations, automated crypto invoicing and payments, and even integrations with accounting software like Xero. The self-custody platform currently supports over 150 tokens and stablecoins on 14 different chains.
By addressing common challenges faced by businesses using crypto, it has attracted heavy users from different Web3 verticals. Notable names include DeFi companies like Aave, metaverse projects like The Sandbox and Decentraland, and DAOs like Maker.
With growing calls for crypto payments to be regulated by existing tax and anti-money laundering laws, Request Finance also offers companies an easy way to document the information about their crypto payments which is usually required by authorities.
Alexis du Peloux, Principal, at XAnge, commented: “After backing Ledger, Coinhouse and Dogami, we are backing a Web3 company that is set to become an essential part of tooling for Web3 businesses such as DAOs, platforms DeFi, Metaverse and Suite companies.”
Despite plummeting crypto asset prices and skepticism about the real adoption of cryptocurrencies, society seems immune to the cold of the crypto winter.
According to data released by the company for the month of May, the number of crypto invoices paid increased by 81% month-over-month, bringing the total number to over 10,000 invoices paid to date. This represents approximately $10.5 million in crypto bills paid in the last month alone, up 91%, or around $5 million more than the previous month.
And while major crypto firms have recently made headlines for layoffs and rescinded job offers, Request Finance is actively looking to grow its ranks. He is hiring for various roles, including chief financial officer (CFO), software developers, as well as positions in business development and marketing.
The remote team currently includes over 20 blockchain engineers, UX designers, growth hackers and support staff working in 12 different countries across Asia and Europe. This includes Singapore, Indonesia, South KoreaGreat Britain, Netherlands, France, Greece, Germany, Portugal, Mauritius, Bulgariaand North Macedonia.
(Marketing & PR) Ivan Hong — [email protected]
(Partnerships & Integrations) Christophe Fonteneau — [email protected]
SOURCE Application for funding