Request Finance Raises $5.5m Seed Round
Request Finance has successfully closed a $5.5 million seed round with institutional backers including Animoca Brands, Balderton Capital, and XAnge.
Dear Request fans 👋,
There is a lot of doom and gloom right now in the crypto space.
Crypto asset prices have sharply corrected from their all time highs. In the last one month crypto currencies have lost close to a trillion dollars in market cap from $2.16 trillion in April 2022 to $1.17 trillion in May 2022.
Venture capital funds are asking their portfolio companies to exercise prudence in the face of an uncertain macro outlook. Larger crypto companies have applied the brakes on their hiring.
But here at Request Finance, we’re a smaller, more nimble outfit. That's why we are now fueling up to grow to even greater heights.
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We’re Funded - Despite the Bear Market
Today, we are delighted to announce that we have successfully closed a $5.5 million seed round with institutional backers including Animoca Brands, Europe's leading fintech venture capital firm Balderton Capital, and French venture fund, XAnge.
Alexis du Peloux, Principal, at XAnge, said: “After backing Ledger, Coinhouse, and Dogami we're backing a Web3 company that is set to become an essential part of tooling for Web3 businesses like DAOs, DeFi platforms, metaverse companies, and more.”
Our seed round also attracted a star-studded lineup of Web3 founders including Sebastien Borget co-founder and COO at The Sandbox, Michael Kong, CEO of Fantom, and Stani Kulechov, founder and CEO of Aave, and Julien Bouteloup, Founder of StakeDAO.
Yat Siu, the executive chairman and co-founder of Animoca Brands, said: “The services provided by Request Finance allow Web3 projects - including some Animoca Brands companies - to save time and effort on crypto payments. We believe the company has a significant potential for growth and expansion.”
Sebastien Borget, Co-Founder and COO of metaverse giant, The Sandbox, who personally backed the company’s seed round, said: “We've been looking for a robust solution to enable the crypto payments of hundreds of monthly invoices; salaries and various expenses generated through our activity; Request Finance has been the go-to solution that delivered above our expectations and that scales as The Sandbox keeps expanding the open metaverse.”
We are incredibly excited to welcome our first round of investors - many of whom have been early adopters of Request Finance. With their help, we will continue to grow our presence in the Web3 space, and also help more traditional Web2 companies pay with, and get paid in crypto.
Unfortunately, this seed round was already oversubscribed. We look forward to welcoming more backers into our next round soon - with even more impressive figures and features than we have today.
We’re Growing - Despite the Crypto Winter
Despite the chill in the air from the crypto winter, our engines continue to fire on all cylinders.
The number of crypto invoices paid through Request Finance in May rose 81% month-on-month. The value of crypto invoices paid last month also rose 91%, or about $5 million more than the previous month.
Despite what the critics say about the lack of real-world adoption of crypto, our numbers tell a different story. Web3 teams and enterprises are using crypto for more than just speculative investment.
Each invoice paid in Request Finance represents the sale of a good or service paid for in crypto. Whether that’s a team’s salaries paid out in stablecoins, ecosystem grants being disbursed by DAOs and foundations to build new applications, or professional service providers like accountants, lawyers, and marketing agencies billing their clients in crypto.
“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 the Fantom Foundation, who also personally backed Request Finance’s seed round.
We’re Hiring - Despite Job Cuts in Crypto
While larger crypto companies have recently been making the headlines for layoffs and canceled job offers, we are actively looking to grow our ranks.
Request Finance is actively hiring for a number of new roles including a Chief Finance Officer (CFO), software developers, as well as positions in business development and marketing.
The latest round of funding announced today will be used to expand our global team of more than 20 blockchain engineers, UX designers, growth hackers, and support staff working remotely from 12 different countries across Asia and Europe.
This includes Singapore, Indonesia, South Korea, the UK, Netherlands, France, Greece, Germany, Portugal, Mauritius, Bulgaria, and North Macedonia.
Build the Future of Finance With Us
We are tremendously grateful for each one of you in the community who have helped us grow to where we are today. It is what keeps us building in the bear market.
Each salary paid, each remittance sent, each invoice settled in crypto - takes us one step closer to the future of finance.
We’re always eager to explore partnerships that can help more Web3 communities to easily manage their payroll, billing, and invoicing in crypto.
Join us, as we work to make crypto easy for enterprises, and continue to defy the odds together.
“To be hopeful in bad times is not just foolishly romantic… if we do act, in however small a way, we don’t have to wait for some grand utopian future. The future is an infinite succession of presents, and to live now as we think human beings should live, in defiance of all that is bad around us, is itself a marvelous victory". ― Howard Zinn
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