Happy September, 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 September 2023
📝 New signups on Request Finance: 824 bringing the total number of registered accounts to 28,833.
📋 Monthly active users on Request Finance: 2,017
📈 Number of crypto payments monthly: 3,081
💸 Value of crypto payments monthly: $31.8 million
🧾 A total of over $431 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.
Learn how to scale your crypto company's spending with our all-in-one account
Your financial complexities are our specialties. Schedule your free consultation today and discover how Request Finance can transform your financial operations
We simplified crypto spending management
Rely on a secure, hassle-free process to manage your crypto invoices, expenses & payroll.
Commentary for September 2023
At the business level, the month of September historically sees about 22% less than average crypto payments made in our app.
This September, we saw a -0.3% fall in the value of crypto payments transacted compared to the previous month. This is about 119% higher 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 invoice, payroll, and expense payments in their ecosystems.
At the product level. We have also been launching the crypto-to-fiat payouts experience to all our users.
As a payment rail, Solana will be launching in the weeks to come.
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 September: 824
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 September, 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 28,833 up 824, or about -6.58% compared to the previous month’s increase.
Active users in September: 2,017
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 39 more new active users performing in-app activities like sending and paying invoices. This represents a rise of 1.97% in total active users from the previous month, bringing the total number of active users to 2,017.
Number of crypto payments in September: 3,081
The number of crypto payments made in September saw a 14.9% uptick in the number of new payments made per month.
The total number of crypto payments made on Request Finance stands at 46,555.
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 September: $31.8m
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 $431 million of cryptocurrency payments have been made through the Request Finance app.
Of which, around $31.8 million in crypto invoices and salaries were paid last month in September alone. This represents a -0.3% rise in the monthly value of payments, or about $0.1 million less 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 September.
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.
Crypto finance tips straight to your inbox
We'll email you 1/week with quality items to help you handle your crypto company's spending.
Get up to date with the most read publications of the month.
Crypto goes corporate: Companies that pay in crypto
Discover why companies use crypto payroll, its advantages, and known companies that offer this option to their employees.
How To Get Paid in Crypto: A Freelancer’s Guide
How to get paid in crypto is one of the most common issues for web3 freelancers. Find out how to do it and the right tools to use (wallet, invoicing & tax apps).
Our latest articles
News, guides, tips and more content to help you handle your crypto finances.
Request Finance in Numbers: November 2023
We've continued to support more ecosystems like Solana and Core in October
Solana Payments Now Supported In Request Finance
Enabling Solana tokens for payments, invoices, and more in Request Finance.
Simplifying Bill Management: How to Import and Pay Any Bill Easily
We made some updates to help you better manage bill payments.
Request Finance in Numbers: October 2023 - New ATH
We've continued to reach new all-time highs, 3,400+ crypto payments and more than $49M in Payment value in October
Why Crypto-to-Fiat Transactions are Disrupting Conventional Payment Methods
Discover how crypto-to-fiat transactions offer speed, transparency, and accessibility, outclassing traditional wire transfers and centralized exchanges.