Quick take:
- Nilos is building a unified crypto and fiat treasury management platform.
- The platform allows businesses to track incomes, reconcile money flows and make payments across crypto and fiat.
- It also monitors incoming crypto transactions to spot suspicious sources of funds.
Web3 accounting startup, Nilos, today announced that it has raised $5.2 million in seed funding to build a platform that unifies crypto and fiat treasuries for businesses.
Led by Viola Ventures, Fabric Ventures and Mensch Capital Partners, the seed round was closed in April. ver 20 angels also participated in the round, including Yuval Tal (Founder at Payoneer), Sebastien Borget (Co-founder at The Sandbox), Emmanuel Schalit (Founder at Dashlane), Benjamin Seror (CPO at SimilarWeb), Didier Valet (Ex Deputy CEO at Société Générale), Guillaume Houzé (Galeries Lafayette).
Founded in 2021 by Raphael Fettaya and Eytan Messika, Israel-based Nilos aims to help businesses to connect crypto wallets, bank accounts and PSPs and manage all their treasury operations such as tracking incomes, reconciling money flows and making payments across crypto and fiat.
The platform allows businesses to connect all their accounts through one single interface, track all their crypto and fiat transactions in one unified ledger, reconcile their payments, schedule and route effective crypto to fiat payouts (off ramp) and extract detailed financial/accounting reports.
Nilos also handles the compliance side of crypto treasury for businesses as it monitors incoming crypto transactions to spot suspicious source of funds, provides custody services to store crypto accounts and performs KYB onboarding.
“We are big believers in web3 infrastructure plays. The Nilos team is solving a huge gap, bridging financial and treasury services for both web2 and web3 companies who are looking to embed on-chain revenues with their fiat operations in a seamless, compliant and secure way.” Omry Ben David, General Partner at Viola Ventures
Nilos said that it is tapping into the growing number of businesses that dual crypto/fiat treasuries simultaneously, and its clients include AnotherBlock, Rocket3, Metafight, and Rarecubes.
“As a business, freelancer or creator, once you have a wallet setup, it’s the easiest thing to accept payments using the blockchain payment rails, but it’s everything that comes afterwards that’s difficult,” said Anil Hanjsee, General Partner at Fabric.vc. “Anything to do with managing income (treasuries), storing currencies safely, exchanging these to stable currencies, using the right chain from acceptance to withdrawal, using the right exchange to offramp and doing this in a legally compliant manner with the right documentation is extremely difficult and a fragmented manual process right now. I’m really happy to be partnering with the guys at Nilos, to solve this key missing piece of financial infrastructure which will make crypto more widely accessible.”
This news follows Tuesday’s news that Tres, another Israeli Web3 accounting data aggregator/provider, has raised $7.6 million in a seed round to help businesses manage their crypto treasury.
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