Request Finance Raises $5.5M to Simplify Enterprise Crypto Payments

JUN 09, 2022

BY BALDERTON

The seed round was led by Balderton,metaverse company Animoca Brands, and XAnge. Leading Web3 founders at The Sandbox, Fantom, and Aave also personally participated in the round.

Request Finance simplifies and automates invoicing, expenses, payroll, and accounting in crypto for more than 1,900 Web3 teams.

Since launching in January 2021, a whopping $200 million in crypto invoices have been paid through Request Finance.

By addressing common pain points with enterprise crypto payments like financial reporting and regulatory compliance, it has attracted users from different Web3 verticals. This includes DeFi companies like Aave, metaverse and NFT-related projects like The Sandbox, and DAOs like Maker.

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.

Christophe Lassuyt, CEO and co-founder of Request Finance

Christophe Lassuyt

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.

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 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.

Maxime Le Dantec, Principal at Balderton

Request Finance allows teams to pay hundreds of crypto invoices to multiple addresses with a click of a button.

The latest round of funding will be used to expand the company’s global team. Request Finance is actively hiring for a number of new roles including a Chief Finance Officer (CFO), software developers, as well as positions in business development and marketing.

The new capital will also support the company’s expansion of 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.

Read Maxime's post – "Our investment in Request Finance, the payment infrastructure for B2B crypto payments"

READ MORE ARTICLES

Stay in touch with Balderton

Sign up for our newsletter to stay up to date on news from Balderton, and our portfolio.