Crypto Startup Nilos raises $5.2 million
France & Israel-based startup, Nilos which aims to construct a unified platform for managing crypto and fiat treasuries, raised $5.2 million in a round led by Viola Ventures, Fabric Ventures, and Mensch Capital Partners.
The deal, which closed in April, also involved leading investors in the fintech and crypto space, and 20 angels investors including Yuval Tal (founder of Payoneer), Sebastian Borget (co-founder of The Sandbox), Emmanuel Shalit (Founder of Dashlane), Benjamin Seror (CPO at SimilarWeb), Didier Valet (former Deputy CEO of Société Générale), Guillaume Uzet (Lafayette Gallery), Philip Suchet, Valentine Baudouinand Gmoney. Nilos didn’t reveal its valuation, as per an announcement made on September 21.
To track income, money flows and payments on one platform, Nilos aims to unify crypto wallets, fiat corporate accounts, and payment service providers. It will likewise permit crypto to fiat currency payouts, the capacity to make accounting reports on such data, and can monitor dubious sources of funds in accordance with anti-money laundering requirements.
“We are big believers in web3 infrastructure plays," said Omry Ben David, partner at Viola Ventures. "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."
Nilos said in its desired declaration to take advantage of the developing number of organizations that end up managing both fiat and crypto treasuries, or those that are hoping to get into crypto. It states its clients incorporate AnotherBlock, Rocket3, Metafight, and Rarecubes.
As things stand, organizations need to manage two extremely separate financial systems to monitor different accounts, which can hurl a large group of compliance issues.
The organization will utilize the funding to build the sales and marketing team, acquire new clients, and finance research and development.
CBW - External Analyst