Multis Raises $7 Million Led by Sequoia Capital to Support Web 3 Organizations

French startup Multis has raised a $7 million funding round led by Sequoia Capital. Originally designed as a neobank for companies working with cryptocurrencies, the company has slightly altered its product vision. It now intends to offer the software layer that helps web3 organizations manage their crypto finances.

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Other investors in the round include Long Journey Ventures, Sound Ventures, MakerDAO and several business angels, such as Paul Veradittakit, Ryan Selkis and Diogo Monica. Some existing investors also participated once again, such as eFounders, Y Combinator and White Star Capital.

"We help customers supercharge their existing Gnosis Safe wallet by adding an all-in-one software layer designed for business," co-founder and CEO Thibaut Sahaghian told me.

"Sending funds to staff is super clunky, as every single transaction has to be processed individually and logged manually. We're streamlining this payroll process by enabling customers to send funds via a company address book to up to 60 people, on the fly," Sahaghian said.

And Multis wants to go one step further by creating ramps between the crypto and fiat worlds. In the U.S., Multis users will get traditional USD checking accounts, which could be particularly useful to pay bills and suppliers.

Moreover, Multis customers will be able to order corporate debit cards. Those banking features should be available at some point during the second quarter of 2022.

Behind the scenes, Multis will provide a crypto-to-USD brokerage service. "We partner with a money services business, brokers and an actual bank that is FDIC insured for up to $250,000," Sahaghian said. 

Up next, Multis will look at all the financial workflows in a typical organization and try to integrate those workflows in its product. You can imagine more accounting and HR integrations, access to decentralized exchanges, invoicing features, popular DeFi protocols, etc.

Essentially, Multis wants to replace all the tools that aren't designed for DeFi companies or DAOs, such as shared spreadsheets and consumer dashboards like Zerion. With this vision, Multis could be more than a nice-to-have tool. It could represent a security upgrade for web3 organizations.

Source: TechCrunch