Request Finance CEO Christophe Lassuyt
Request Finance, a Singapore-based enterprise crypto payments startup, today announced that it had closed a US$5.5 million seed round with institutional backers, including Animoca Brands, Balderton Capital, and XAnge.
The funding round also attracted the participation of 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).
The funding will be used to expand the company’s global team. In a statement, Request Finance said that it is actively hiring for several new roles, including a Chief Finance Officer (CFO), software developers, and positions in business development and marketing.
The funding 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.
Request Finance also stated that as part of its mission to help enterprises simplify their crypto-financial operations, it has also backed the Web3cfo.club, a rapidly-growing, exclusive community of finance and operations leaders at prominent Web3 companies such as Bankless, Consensys, Edge and Node, and The Sandbox.
Also Read: Demystifying NFTs and DeFi
Request Finance aims to simplify and automate invoicing, expenses, payroll, and accounting in crypto for more than 1,900 Web3 teams. Since launching in January 2021, the company said that US$200 million in crypto invoices had been paid through Request Finance.
By addressing common pain points with enterprise crypto payments, such as financial reporting and regulatory compliance, it has attracted users from different Web3 verticals. This includes DeFi companies such as Aave, metaverse and NFT-related projects such as The Sandbox, and DAOs such as Maker. Professional services firms serving Web3 companies such as accounting firms, PR companies, and event organisers are also users of its services.
Request Finance also said that it has also seen growing interest from Web2 tech companies as more clients inquire about paying in crypto.
It credited its rapid growth to several macroeconomic trends, such as the rise of remote work in the wake of the pandemic.
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Image Credit: Request Finance
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