Home Business Nilos unifies crypto and fiat accounts for small businesses • TechCrunch

Nilos unifies crypto and fiat accounts for small businesses • TechCrunch

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Nilos unifies crypto and fiat accounts for small businesses • TechCrunch

To encounter nilos, a startup that wants to bridge the gap between crypto wallets and traditional corporate bank accounts. The company provides a dashboard that displays all your transactions, be it fiat transactions or crypto payments. From this platform, you can initiate payments and reconcile transactions across multiple accounts.

The startup raised $5.2 million in funding in April. Viola Ventures and Fabric Ventures led the round, with participation from Mensch Capital Partners. Several business angels also contributed to this funding round, such as Yuval Tal, Sébastien Borget, Emmanuel Schalit, Benjamin Seror, Didier Valet, Guillaume Houzé, Philippe Suchet and Valentine Baudouin.

“We started from a simple observation. There are thousands of companies that manage crypto assets, but there are even more companies that want to hold crypto assets – but they find it too complex,” co-founder and CMO Eytan Messika told me. .

And it’s true that there are a lot of implications when you start playing with cryptocurrencies. There are certain tax difficulties and certain compliance requirements. Fraud management also becomes much more complex. Large companies can easily add crypto assets to their cash balance as they have enough resources, but this is still a problem for small companies.

Essentially, Nilos wants to lower the barrier to entry. If you are just starting out, you can directly create a custodial crypto wallet with Nilos. This way, customers don’t have to directly store and manage digital assets.

In the future, customers will also be able to connect their own wallets directly. For example, you can use Gnosis Vault, a popular non-custodial option for companies holding crypto assets. Likewise, you will soon be able to connect your traditional business bank accounts in the interface.

After that, you get a nice dashboard that will help you sort out all your transactions. You can automatically filter, categorize and label incoming and outgoing transactions. You can also reconcile payments directly from Nilos.

Picture credits: nilos

Nilos also helps you manage your crypto transactions as you can orchestrate crypto-to-crypto payments as well as crypto-to-fiat payments. You can use this feature to pay employees and vendors, and rebalance your cash flow between crypto and fiat assets.

The startup currently takes fees on crypto-to-fiat transactions, but the company plans to move to a more traditional software-as-a-service subscription model because it’s more transparent to end users. Some of the early clients are AnotherBlock, Rocket3, Metafight, and Rarecubes.

Nilos is registered under the supervision of the Financial Crime Investigation Service (FCIS) in Lithuania, but the company is already planning to apply to become a virtual asset service provider in France under the PSAN scheme.

In other words, it’s still early days for Nilos. But it is clear that crypto companies are primarily focused on large enterprise customers and retail investors. Small businesses remain an underserved market and Nilos plans to take advantage of this.

Picture credits: nilos

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