The crypto space is booming and with that comes the need for innovative finance solutions. Paris-based Request Finance is paving the way for enterprises to simplify payments and has just raised about €5.1 million.
Request Finance is a Web3 enterprise crypto payments provider that is disrupting the fintech space with its platform that is helping companies manage and automate invoicing, expenses, payroll and accounting. The Paris-based company has just closed a €5.1 million seed round with backers such as Animoca Brands, Balderton Capital and XAnge.
The startup has also attracted an eye-catching lineup of Web3 founders as backers – giving even more credence to the innovation. The likes of Sebastien Borget co-founder and COO at The Sandbox, Michael Kong, CEO of Fantom, Stani Kulechov, founder and CEO of Aave, and Julien Bouteloup, Founder of StakeDAO have all got involved.
Launched in 2021, Request Finance is aiming to address common pain points with enterprise crypto payments – most commonly being financial reporting and regulatory compliance. Given the massive boom across Web3 verticals, the startup is growing fast and offering an increasingly demanded service. DeFi companies like Aave, metaverse and NFT-related projects like The Sandbox, and DAOs like Maker are some examples of businesses that will benefit from Request Finance.
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. Already, the young company has simplified financial operations for over 1,900 teams!
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.”
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.
Maxime Le Dantec, Principal at Balderton Capital, commented: “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.”
The fresh funding boost will be used to continue growing Request Finance’s global footprint as well as 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. Given this space is growing fast, the possibilities and space for Request Finance to grow are exponential.
Yat Siu, the executive chairman and co-founder of Animoca Brands, added: “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.”
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. The rise in remote work is one of the factors helping to fuel this rapid growth and demand for Request Finance’s services, as more remote-first teams are turning to the firm to manage their global payroll in crypto.
The Parisian fintech team has also backed Web3cfo.club – a rapidly-growing, exclusive community of Finance and Operations leaders at prominent Web3 companies like Bankless, Consensys, Edge and Node, The Sandbox, and others.
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.”
Michael Kong, CEO of the Fantom Foundation, said: “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.”