Crypto payments startup Request Finance has closed its seed round on $5.5m, as it looks to capitalise on popularity of crypto.
The investment was backed by Animoca Brands, as well as notable angel investors, including The Sandbox co-founder and COO Sebastien Borget, Fantom CEO Michael Kong, Aave founder and CEO Stani Kulechov and StakeDAO founder Julien Bouteloup.
With the funds, the company deepen its in-app services and hire more staff.
Request Finance simplifies and automates invoicing, expenses, payroll and accounting in crypto. Since its launch in January 2021, $203m in crypto invoices have been paid in the app.
Request Finance was spawned from the idea of giving businesses a better way to pay and be paid in crypto. The founders also felt that by solving a few serious issues, more businesses would start using cryptos. For example, making crypto payments by copy and pasting wallet addresses from a spreadsheet is not efficient and is prone to human error. Similarly, keeping proper financial record of crypto transactions was tricky.
This led to the team building on-chain payment confirmations, automated billing and payments in crypto and integrations with accounting software, such as Xero.
Its platform currently supports over 150 tokens and stablecoins on 14 different chains.
Sebastien Borget, the co-founder and COO of metaverse The Sandbox, 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 that scales as The Sandbox keeps expanding the open metaverse.”
Earlier in the week, Valkyrie Investments, an investment manager focused on digital assets, closed an $11.5m strategic investment round.
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