Request Finance is an enterprise crypto payments app founded by YCombinator alumni. Since launching in 2021, it has helped to automate and simplify enterprise payments, financial reporting and compliance for companies using crypto.
In its monthly report for November, it disclosed that over $263 million in crypto invoices, payroll, expenses and more have been paid through the app by more than 2,300 Web3 teams, such as The Sandbox, Aave and Decentraland.
Back in June, Request Finance successfully raised a $5.5-million seed round from backers such as Animoca Brands, Balderton Capital and XAnge, as well as prominent Web3 founders from Aave, MakerDAO and The Sandbox.
“Ultimate Web3 CFO Guide” launched
The team also announced the release of its Web3 CFO Guide, a practical, everyday resource drawn from the experiences and insights of over 250 finance and operations leaders at crypto companies, including Chainlink, Ledger and Superfluid.
Christophe Lassuyt, CEO and co-founder of Request Finance, said:
“We wanted to find out what their biggest challenges were when they started their new role, what they learned, what they might do differently the next time, and what they wish they had known.”
Challenges Web3 CFOs face today
Many Web3 chief financial officers came in with prior experience in a finance role, with 63% citing gaps in their knowledge of crypto, decentralized finance (DeFi) or other blockchain technologies as one of the biggest handicaps when they first started.
In addition to the challenges of having to get up to speed about crypto, DeFi and other blockchain technologies, over 99% of CFOs at Web3 organizations said they did not have formal on-boarding processes when they started in their roles.
Bluejay Finance chief operating officer Jeff Ye Myat commented:
“Traditional accountants have a hard time wrapping their head around concepts in crypto like swapping tokens on AMMs. Most don’t even understand Etherscan.”
Despite the challenges facing Web3 CFOs, many remained optimistic about the growing need for more finance professionals in the blockchain space. 76% of Web3 CFOs estimate that the demand for finance, accounting, tax and audit professionals will grow over the next 12–24 months.
The ultimate guide for Web3 CFOs
Web3 organizations deserve and need better software tools to help finance and operations teams manage their day-to-day finance workflows. Automation of repetitive processes like payments and integrations with other applications in both Web2 and Web3 are key to simplifying FinOps for Web3 teams.
The field guide covers the analysis of over 150 new tools developed for the Web3 financial stack:
- Crypto wallets and custody solutions.
- Fiat banking strategies.
- On/off-ramp options.
- Crypto payments.
- Treasury management.
- Financial reporting in crypto.
It is filled with actionable tools, illustrative case studies and frameworks that are easily accessible to busy professionals. The Web3 CFO Guide contains practical resources to help CFOs excel in key areas of FinOps in crypto.
Get a free copy of the Web3 CFO guide here.
About Request Finance
Request Finance is an enterprise crypto payments app founded by YCombinator alumni. Since launching in 2021, it has helped to automate and simplify enterprise payments, financial reporting and compliance for companies using crypto.
Over $263 million in crypto invoices, payroll, expenses and more have been paid through the app by more than 2,300 Web3 teams such as The Sandbox, Aave and Decentraland.
In June 2022, Request Finance successfully raised a $5.5-million seed round from backers like Animoca Brands, Balderton Capital and XAnge, as well as prominent Web3 founders from Aave, MakerDAO and The Sandbox.
To learn more about Request, visit Request.Finance.