Singapore – Request Finance, the Web3 enterprise crypto payments startup, has secured a $5.5m seed round with institutional backers including Animoca Brands, Balderton Capital, and XAnge. This newly secured funding will support Request Finance’s efforts to expand its in-app services, and grow its team to capture a greater share of the growing crypto payments space.
Since its launch in January 2021, a whopping $203m in crypto invoices has been paid in the app. Today, Request Finance simplifies and automates invoicing, expenses, payroll, and accounting in crypto for more than 2,000 Web3 teams. It also offers enterprises an easy way to document critical information about users’ crypto payments which are typically required by the authorities.
According to Request Finance, its founders saw serious problems that had to be solved before more businesses would start using crypto. For one, making crypto payments by copying and pasting wallet addresses from a spreadsheet is both laborious and frightfully vulnerable to human error. On top of that, keeping proper financial records of crypto transactions was also an accountant’s nightmare.
To address these pain points, the team built a suite of enterprise-friendly features like on-chain payment confirmations, automated billing and payments in crypto, and even integrations with accounting software like Xero. The self-custodial platform currently supports over 150 tokens and stable coins on 14 different chains. By addressing the common challenges faced by companies using crypto, Request Finance has attracted large users from different Web3 verticals, namely DeFi and Aave, as well as metaverse projects like The Sandbox and Decentraland, and DAOs like Maker.
Yat Siu, Animoca Brands’ executive chairman and co-founder, commented, “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 significant potential.”