Crypto

Nilos unifies crypto and fiat accounts for small businesses

Comment

virtual money concept, Gold Bitcoins
Image Credits: Jirapong Manustrong / Getty Images

Meet Nilos, a startup that wants to bridge the gap between crypto wallets and traditional business bank accounts. The company provides a dashboard that displays all your transactions — whether those are fiat transactions or crypto payments. From this platform, you can initiate payments and reconcile operations across multiple accounts.

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

“We started with a simple finding. 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 fiddling with cryptocurrencies. There are some taxation difficulties and some compliancy requirements. Handling fraud also becomes a lot more complex. Big companies can easily add crypto assets to their cash balance because they have enough resources — but it’s still a hassle for small companies.

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

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

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

Image 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 that feature to pay employees and suppliers, and rebalance your treasury between crypto and fiat assets.

The startup currently takes a fee on crypto-to-fiat transactions, but the company plans to move to a more traditional software-as-a-service subscription model as it’s more transparent for the end users. Some of the first 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 already plans 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’s clear that crypto companies mostly focus on big enterprise customers and retail investors. Small companies remain an underserved market and Nilos plans to take advantage of that.

Image Credits: Nilos

More TechCrunch

Struggling EV startup Fisker has laid off hundreds of employees in a bid to stay alive, as it continues to search for funding, a buyout or prepare for bankruptcy. Workers…

Fisker cuts hundreds of workers in bid to keep EV startup alive

Chinese EV manufacturers face a new challenge in their pursuit of U.S. customers: a new House bill that would limit or ban the introduction of their connected vehicles. The bill,…

Chinese EV makers, and their connected vehicles, targeted by new House bill

With the release of iOS 18 later this year, Apple may again borrow ideas third-party apps. This time it’s Arc that could be among those affected.

Is Apple planning to ‘sherlock’ Arc?

TechCrunch Disrupt 2024 will be in San Francisco on October 28–30, and we’re already excited! This is the startup world’s main event, and it’s where you’ll find the knowledge, tools…

Meet Visa, Mercury, Artisan, Golub Capital and more at TC Disrupt 2024

Featured Article

The women in AI making a difference

As a part of a multi-part series, TechCrunch is highlighting women innovators — from academics to policymakers —in the field of AI.

4 hours ago
The women in AI making a difference

Cadillac may seem a bit too traditional to hang its driving cap on EVs. And yet, that hasn’t stopped the GM brand from rolling out — or at least showing…

The Cadillac Optiq EV starts at $54,000 and is designed to hook young hipsters

Ifeel is being offered as part of an employer’s or insurance provider’s healthcare coverage.

Mental health insurance platform ifeel raises a $20 million Series B

Instead of opening the user’s actual browser or a WebView, Custom Tabs let users remain in their app while browsing.

Google Chrome becomes a ‘picture-in-picture’ app

Sanil Chawla remembers the meetings he had with countless artists in college. Those creatives were looking for one thing: sustainable economic infrastructure that could help them scale rather than drown…

Slingshot raises $2.2 million to provide financial services to artists

A startup called Firefly that’s tackling the thorny and growing issue of cloud asset management with an “infrastructure as code” solution has raised $23 million in funding. That comes on…

Firefly forges on after co-founder murdered by Hamas

Mistral, the French AI startup backed by Microsoft and valued at $6 billion, has released its first generative AI model for coding, dubbed Codestral. Like other code-generating models, Codestral is…

Mistral releases Codestral, its first generative AI model for code

Pinterest announced today that it is evolving its Creator Inclusion Fund to now be called the Pinterest Inclusion Fund. Pinterest teamed up with Shopify’s Build Black and Build Native programs…

Pinterest expands its Creator Fund to allow founders

Alex Taub, a longtime founder with multiple exits under his belt, believes it’s time to disrupt the meme industry. “I have this big thesis that meme tech is going to…

This founder says meme tech is the next big thing

Lux, the startup behind popular pro photography app Halide and others, is venturing into video with its latest app launch. On Wednesday, the company announced Kino, a new video capture app…

Kino is a new iPhone app for videographers from the makers of Halide

DevOps startup Harness has shown itself to be an ambitious company, building a broad platform of services while also dabbling in M&A when it made sense to fill in functionality.…

Harness snags Split.io as it goes all in on feature flags and experiments

Microsoft’s Copilot, a generative AI-powered tool that can generate text as well as answer specific questions, is now available as an in-app chatbot on Telegram, the instant messaging app.  Currently…

Microsoft’s Copilot is now on Telegram

HBO’s new documentary, “MoviePass, MovieCrash,” tells a story that many of us know about: how MoviePass, the subscription-based movie ticketing startup, was a catastrophic failure. After a series of mishaps…

MoviePass co-founders speak their truth in HBO’s new documentary 

The watch features a variety of different 3D games, unlocking more play time the more kids move.

Fitbit’s new kid smartwatch is a little Wiimote, a little Tamagotchi

In the video, a crowd is roaring at a packed summer music festival. As a beat starts playing over the speakers, the performer finally walks onstage: It’s the Joker. Clad…

Discord has become an unlikely center for the generative AI boom

After the Wirecard scandal, Germany’s financial regulator BaFin started to look more closely at young fintech startups that wanted to grow at a rapid pace — it’s better to be…

Germany’s financial regulator ends anti-money laundering cap on N26 signups after $10M fine

Among other things, this includes the ability to trace code from source to binary packages across both platforms, single sign-on support and unified project structures.

JFrog and GitHub team up to closely integrate their source code and binary platforms

The company’s public fund disbursement and e-commerce platform makes accepting school tuition and enabling educational enrichment more accessible. 

Tech startup Odyssey goes on journey to help states implement school choice programs

A new startup called Kinnect aims to help people privately save generational memories, traditions, recipes and more. The company’s app, launched this month, lets people create invite-only spaces where they…

Kinnect’s new app aims to help families record and store generational memories

Spotify has hiked its premium subscription in France by an eye-watering €0.13, in response to a new music-streaming tax.

Spotify hikes subscription price in France by 1.2% to match new music-streaming tax

The European Union has taken the wraps off the structure of the new AI Office, the ecosystem-building and oversight body that’s being established under the bloc’s AI Act. The risk-based…

With the EU AI Act incoming this summer, the bloc lays out its plan for AI governance

Solutions by Text, a company that gives people a way to pay their bills and apply for loans via text messaging, has secured $110 million in new growth funding. Edison…

Bootstrapped for over a decade, this Dallas company just secured $110M to help people pay bills by text

Owners of small- and medium-sized businesses check their bank balances daily to make financial decisions. But it’s entrepreneur Yoseph West’s assertion that there’s typically information and functions missing from bank…

Relay raises $32.2 million to help smaller businesses manage their cash flow

When other firms were investing and raising eye-popping sums, Clean Energy Ventures took a different approach. It appears to be paying off.

How Clean Energy Ventures avoided the pandemic bubble and raised a $305M fund

PwC, the management consulting giant, will become OpenAI’s biggest customer to date, covering 100,000 users.

OpenAI signs 100K PwC workers to ChatGPT’s enterprise tier as PwC becomes its first resale partner

Tech enthusiasts and entrepreneurs, the clock is ticking! With just 72 hours remaining until the early-bird ticket deadline for TechCrunch Disrupt 2024, now is the time to secure your spot…

72 hours left of the Disrupt early-bird sale