Celebrating A New Milestone: $200m 🚀
Request Finance has more than 1,700 companies, DAOs & freelancers actively using our web app, with just over $200 million in crypto invoices paid.
Dear Request fans 👋,
We recently announced another milestone for our community. It’s been a short but exciting ride, and we wanted to review our journey together thus far.
January 2021: we’d just officially launched a crypto invoicing app after half a year of beta testing, and even longer in development; seemingly endless nights spent coding and debugging our minimum viable product.
We had only one user, and a paltry 115 transactions on the entire network.
Today, Request Finance has more than 1,700 companies, DAOs & freelancers actively using our web app, with just over $200 million in crypto invoices paid through Request Finance to date.
This chart from the April edition of our monthly Request In Numbers report shows just how far we’ve come as a community.
We’re thrilled to see some of the largest names in the space like Aave, The Sandbox, and Maker count themselves among our users 🎉🥳
We’re incredibly grateful to each one of you who have enjoyed using our app. Many even took the time to tell us how we could improve the user experience, fix bugs, or develop new features to make Request Finance better for the community 💪.
Seeing your smiles during product demos on Zoom, or reading the enthusiastic feedback we get from you at our all-hands’ every Monday - those moments remind us why we do this ❤️.
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Making Crypto Easy for Enterprises
We began with a simple idea: give businesses a better way to pay, and be paid in crypto.
We believed that blockchain-based payment rails were superior - in nearly every measure of efficiency, cost, and speed - to the present system running on SWIFT interbank messages, card processors, and paper invoices. Add to that the possibilities enabled by smart contracts and programmable money.
But there were serious problems that needed to be solved before businesses would start using crypto.
For one, making crypto payments by copying and pasting wallet addresses from an Excel sheet is frightfully vulnerable to human error, and needlessly laborious too. Many of us personally experienced the tedium of double, triple checking each payment before signing each transaction with our private keys.
On top of that, keeping proper financial records of our crypto transactions was also a nightmare. The pseudonymous nature of crypto wallet addresses, the long alphanumeric strings of transaction hashes, combined with volatile prices made it nearly impossible to know how much we had spent or received in fiat prices.
We struggled to know exactly how much we paid out, or took in crypto - and for what purposes. We had no easy way to keep records of our own crypto transactions, much less categorize them. Virtually every finance or operations manager at other crypto projects faced the exact same issues we did.
As we built new features to address common pain points with enterprise crypto payments, we attracted users from across different Web3 verticals. This includes DeFi companies like Aave, Metaverse-related projects like The Sandbox, and DAOs like Maker. Even Web2 tech companies started turning to us.
Terence Zou, CEO of Ryde, Asia’s first ride-hailing company to accept crypto payments said: “As a company that needs to keep proper records, we needed Request Finance’s enterprise-grade features like: a single dashboard to manage all our crypto invoices, see real-time payment confirmations, schedule recurring invoices, accurate mark-to-market prices at the time of invoice payment, and integrations with accounting software like Quickbooks/Xero. These sorts of basic features are currently lacking in the crypto payments space”.
Some of you have asked us why Request Finance is starting to gain more traction, especially over the past few months. The tremendous effort our team has put into building a better product, and on-boarding new communities is certainly one reason.
Today, we have expanded to a remote-first team of 21 members, spread across 9 countries in Europe and Asia.
We’re actively hiring for a number of new roles including a Web3 Chief Finance Officer (CFO), software developers, as well as positions in business development, and marketing. We hope you’ll join us, or send someone you know our way 😊!
Enabling The Decentralization of Work
We also think that a combination of several macro trends are behind Request Finance’s rapid growth. For one, the rise of remote work in the wake of the global COVID-19 pandemic, and the mushrooming of remote-first Web3 companies and DAOs has been a boon for us.
“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”, said Michael Kong, CEO of Fantom Foundation.
More remote-first teams are turning to Request Finance to manage their global payroll in crypto. “It has also made it easy to onboard new clients, employees, or contractors by simply sending them some links to invoice us within minutes”, explained Antoine Chaveron, co-founder at UniCrypt Network.
Our other users have also echoed similar sentiments. Rudy Kadoch, founder and CEO at Nested Finance, told us: “Our CFO uses Request Finance to pay our contributors around the world in crypto. That has been critical in helping us to manage a global team of talent as we grow our platform”.
Simplifying Crypto Taxes and Compliance
Growing regulatory pressures on the crypto industry have also helped enhance the appeal of Request Finance for enterprises using crypto. Large crypto-native companies use Request Finance as an easy way to document critical information about their crypto payments, as typically required by tax and law enforcement authorities.
“As crypto payments increasingly become subject to regulations around the world, Request Finance is perfectly positioned to enable compliant enterprise crypto payments,” says Valentine Barbelivien, Partner at the venture capital firm, Founders Future.
To The Moon
We’re incredibly grateful to have come this far with all of you. But we know we’re only just getting started. The volume of cryptocurrency transactions globally grew to $15.8 trillion in 2021, up 567% from 2020. In that light, $200 million is just a speck in a vast and expanding universe of crypto payments.
We’re eager to reach new heights in the crypto payments space - but we need your help. Here’s how you can join our rocketship:
We’re hiring. Request Finance is actively hiring for a number of new roles including a Web3 Chief Finance Officer (CFO), software developers, as well as positions in business development, and marketing. Join us, or send someone you know our way 😊!
A club for Web3 CFOs. We recently launched the web3cfo.club - a rapidly-growing, exclusive community of Finance & Operations leaders at prominent Web3 companies like Bankless, Consensys, Edge and Node, The Sandbox, and more.
Know someone who fits the bill? Invite them to the club here 😎.
Helping crypto accountants. We also host regular podcasts on The Accountant Quits, speaking with Web3 finance and operations leaders on emerging issues, and best practices at the intersection of crypto assets, finance, and accounting. We’ve also recently launched a partner program, aimed at allowing more accounting and audit firms to become channel partners.
Know an accountant, or operations professional working in a web3 team? Send them our way!
New tokens, chains, and features. We’re expanding our in-app features beyond just crypto invoicing. Salaries, expenses, escrow, and even in-app yield farming are just some of the upcoming features to be developed in the roadmap. Tell us what you’d like to see us develop next!
The number of cryptocurrencies supported on Request Finance is second to none, and continues to grow each month. Freelancers, DAOs, and crypto project teams can now send and receive payments in 150+ cryptocurrencies and stablecoins, 9+ fiat currencies, and 10+ blockchains.
If you’d like to see a new token or chain supported in the app, let us know here.
We hope you'll continue helping us shape the future of finance! 👋
Want to see what's going on with Request on a daily basis? Visit the Request Activity Dashboard for more exhaustive data on the Request Network.
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