Inside Request Finance

Request Finance in Numbers: August 2023 - Near the $400 million mark

We've continued to reach new all-time highs in crypto payments, nearing the $400m mark!

September 6, 2023

Happy August, Request Finance fans!

Welcome to another monthly edition of Request Finance in Numbers, where we’ll be reviewing our app’s growth and usage metrics since our last update.

This monthly report is aimed at providing transparency to our users, community, and others interested in Request.


User & Activity Growth in August 2023

📝 New signups on Request Finance: 882 bringing the total number of registered accounts to 28,009.

📋 Monthly active users on Request Finance: 1,978 

📈 Number of crypto payments monthly: 2,681 

💸 Value of crypto payments monthly: $31.9 million

🧾 A total of over $399 million in crypto payments have been paid through the Request Finance app since launching in January 2021.

💰 Top 5 cryptocurrencies used: $USDC, $USDT, $SAND, $ANKR, $DAI

💳 Top 5 chains used: Ethereum, BNB Chain, Polygon, Celo, Fantom 

Note: This report excludes pure fiat-to-fiat payments that are initated - and settled in fiat currency.

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Commentary for August 2023

At the business level, the month of August historically sees about 81% more than average crypto payments made in our app. 

This August, we saw a 54% rise in the value of crypto payments transacted compared to the previous month. This is about 2% lower than what we would have expected from our historical performance. 

Crypto-native companies that make payments, or get paid in crypto remain our ideal customers. We are also actively looking to partner with new chains, and stablecoin issuers to power invoices, payroll, and expense payments in their ecosystems. 

At the product level. We revamped our referral rewards. You can now get up to $500 in stablecoins per qualified referral!

We have also been working to improve the crypto-to-fiat payouts experience based on feedback from early testers.

New Crypto Payment Options

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 15+ blockchains. 

If you’d like to see a token or chain supported in Request Finance, reach out to us on Twitter

Request Finance is a chain-agnostic B2B crypto payments platform. We can support invoicing, salary payments, and more in the preferred tokens of any new Layer 1 or Layer 2 ecosystem. 

Our extensive support for new payment options enables projects across different chains to transact seamlessly with each other in their preferred token.

New signups in August: 882

One important metric is the growth in the number of new accounts created, or “signups”. They represent new companies and freelancers ready to use Request Finance to pay, and get paid in cryptocurrency.

In August, the number of users registered on Request Finance grew, but at a slower rate month-on-month. The total number of registered accounts on Request Finance currently stands at 28,009 up 882, or about 8.62% compared to the previous month’s increase. 

Active users in  August: 1,978 

Having more new registered accounts is one thing, but more important is to have users who are actively using the product on a regular basis to meet their crypto payment needs. 

The past month saw 106 more new active users performing in-app activities like sending and paying invoices. This represents a rise of 5.66% in total active users from the previous month, bringing the total number of active users to 1,978. 

Number of crypto payments in August: 2,681

The number of crypto payments made in August saw a 29.4% uptick in the number of new payments made per month. 

The total number of crypto payments made on Request Finance stands at 43,474.

Note: Depending on contractual payment terms, it can take more than 20-30 days for payment requests like invoices to be paid from when they are issued, sometimes longer. That means that some invoices issued last month are still pending for payments likely to occur this month.

Value of crypto payments in August: $31.9m  

A key success indicator at Request Finance is the dollar value of crypto payments made through the app. Since January 2021, a total of over $399 million of cryptocurrency payments have been made through the Request Finance app. 

Of which, around $31.9 million in crypto invoices were paid last month in August alone. This represents a 54% rise in the monthly value of payments, or about $11.2 million more in new crypto payments than the previous month.

Top cryptocurrencies: USDC, SAND, USDT, ANKR, DAI

Another data point to keep track of is which cryptocurrencies are most often used on Request Finance. 

USDC continues to be the most preferred cryptocurrency being used on Request Finance, accounting for about 33% of all crypto payments made by our mostly enterprise users. 

USD-denominated stablecoins as a whole continue to be a popular choice for enterprise crypto payments, making up 57% of the crypto payments on Request Finance. 

The popularity of stablecoins can be explained with many of the same reasons why most people do business in fiat, rather than settling payments in shares of tech companies listed on the NASDAQ. Their stable prices make them ideal as a medium of exchange, and unit of account - two of the three defining features of money.

The unlikely contender of USDT came in second, accounting for about 16% of the total invoices paid in Request Finance, followed by SAND (14%), ANKR (11.0%) and DAI (5.0%). 

You can find the full list of currencies supported in the Request Finance app here.

Top payment networks: Ethereum, BNB Chain, Polygon, Celo, and Fantom

The Ethereum network is clearly the preferred payment network, being used for about 71% of crypto payments processed through Request Finance. 

BNB Chain took second place, with about 14% of the crypto payments volume in August. 

Polygon continues to grow steadily due its lower gas fees, coming in third, accounting for about 8% of transactions made through Request Finance.

Through this monthly report, we hope to provide an overview of what’s happening with Request Finance, and the data driving our product development decisions. We hope that our commitment to transparency will inspire new users to take their first steps into invoicing and payments with cryptocurrency for their business.

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