Product Updates

Introducing An Expenses App for Crypto

We’re excited to introduce our new expenses app! It allows finance teams to review, approve, and make mass payouts for expense reimbursements. 

February 14, 2023

At Request Finance, building with our users is a big part of what we do. We want to help simplify financial operations in crypto for Web3 teams, in any way we can. That involves constantly talking with, and understanding what challenges crypto-native teams face.

We’ve already built tools to simplify and automate invoicing, and payroll in crypto and stablecoins. As we continued to ask finance and operations leads at DAOs, and Web3 teams, we learned that there was another problem we could help to solve: expenses.

Expense management challenges crypto teams face

There are already a number of expense management tools out there in traditional finance like Expensify. But almost none of them support crypto.

Web3 teams incur corporate expenses in both fiat and crypto. They need an app that can easily support expense claims, and reimbursements in either. When business development teams purchase conference tickets, they often pay in USDC, or ETH. But at the same time, travel-related expenses like lodging, food, and transportation are typically incurred in fiat.

At the same time, employees need a simple and easy way to submit expense claims on the go. We learned from users that the hassle of collating paper receipts, screenshots of airline tickets, or hotel bookings made submitting expense claims difficult and frustrating. 

Even larger crypto teams had similar issues managing expense claims. In FTX’s bankruptcy filings, it was also revealed that expenses were approved using custom emojis on Slack.

Our existing crypto invoicing app was just not good enough for this. 

So we went back to the drawing board.

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Introducing an expenses app designed for crypto teams

After six months of product development and beta testing, we’re excited to introduce our new expenses app! 

It is designed to allow Web3 teams to easily submit expense claims using a simple mobile application available on both iOS and Android. Team members can choose whether to be reimbursed in fiat, or crypto.

Finance and operations managers at DAOs and enterprises can also manage expense reports from the desktop application. The new expenses feature in the Request Finance app allows finance teams to review, approve, and make mass payouts for expense reimbursements. 

Hear what some of our beta testers had to say:

"It’s a wonderful tool which makes our internal crypto reimbursement process smooth. It a bit of a struggle at the beginning when consolidating invoice data and expenses data via csv files (because the table layout and date format are different) but this is no longer an issue since you now launched a beautiful dashboard and all these reports are beautifully presented.", said Di Liu, Director of Strategy and Internal Controls at Litentry

“Starting a crypto company comes with its own unique hurdles and reimbursing expenses in crypto was one of the biggest. The main fear was wasting money on those gas fees to confirm transactions for over 10 employees every month. Request Finance came in as the need of the hour for Cruize Finance and the experience was super smooth, and very professional”, said Prithviraj Murthy, co-founder at Cruize Finance.

“Request has been fantastic for Fantom Foundation. We have been using them extensively for over a year and their new expenses feature simplifies our internal processes even further”, said Michael Kong, founder and CEO of Fantom Foundation

We can’t wait for you to try out our new expenses feature!

Download the mobile application on iOS or Android, or get the desktop application.

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