Crypto Payments Startup Raises .5M from Animoca Brands and Others
Request Finance, the Web3 enterprise crypto-payments startup, has closed a $5.5-million seed round with institutional backers, including Animoca Brands, Balderton Capital and XAnge.
The seed round also attracted a star-studded lineup of Web3 founders, including The Sandbox co-founder and chief operating officer Sebastien Borget, Fantom CEO Michael Kong, Aave founder and CEO Stani Kulechov and StakeDAO founder Julien Bouteloup.
The fresh round of capital will help the company expand its in-app services and grow its team to capture a greater share of the growing crypto-payments space. According to a report from blockchain data platform Chainalysis, the global volume of cryptocurrency transactions grew to $15.8 trillion in 2021 — 567% from 2020.
Yat Siu, executive 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 the company has a significant potential for growth and expansion.”
Simplifying enterprise crypto payments
Since launching in January 2021, a whopping $203 million in crypto invoices has been paid on the app. Today, Request Finance simplifies and automates invoicing, expenses, payrolls and accounting in crypto for more than 2,000 Web3 teams.
Sebastien Borget, The Sandbox co-founder, said:
“We’ve been looking for a robust solution to enable crypto payments for the hundreds of invoices, salaries and various expenses generated through our activity each month. Request Finance has been the go-to solution that delivered above our expectations and scales as The Sandbox keeps expanding the open metaverse.”
It started with a simple idea: Give businesses a better way to pay, and be paid, in crypto.
The founders saw serious problems to be solved before more businesses could start using crypto. For one, making crypto payments by copying and pasting wallet addresses from a spreadsheet is laborious and frightfully vulnerable to human error. Also, keeping proper financial records of crypto transactions was an accountant’s nightmare.
To address these issues, the team built a suite of enterprise-friendly features such as on-chain payment confirmations, automated crypto billing and payments, and integrations with accounting software such as Xero. The self-custodial platform currently supports more than 150 tokens and stablecoins on 14 different chains.
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Source: igaming
