Thursday, September 29 2022

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

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 again, such as eFounders, Y Combinator and White Star Capital.

If you run an organization that primarily receives and sends crypto assets and you want to pay people in cryptocurrencies, chances are you could use something like Multis. During your first registration, you can connect your Multis account to your Gnosis Safe wallet.

Gnosis Safe is a popular multisig wallet designed specifically for multi-person organizations. It is a smart contract wallet running on Ethereum that you can configure to your needs. For example, you could require three different people to approve a transaction when it crosses a certain threshold. They can use a hardware wallet, such as a Ledger wallet, or a software wallet, such as Metamask, to execute trades.

If you don’t have a Gnosis Safe, Multis can help you create one. The idea is that organizations should maintain control of their Gnosis Safe’s private keys.

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

If you hold bitcoins or have other Ethereum wallets, you can also add any public key to track external wallets from the Multis interface. Although you only get a read-only experience on these wallets, the ability to centralize all your crypto assets means you can see the full picture when it comes to crypto cash and cash flow analysis.

One of the biggest issues for web3 businesses is accounting. The startup wants to help you with these tedious tasks, as you can categorize transactions and add notes and attachments to transactions. When this is done, you can export past transactions to a CSV file. Multis is also working on Quickbooks integration, which should be coming soon.

As for payments, Multis allows you to issue bulk payments to up to 60 Ethereum addresses. For example, this could be particularly useful for payroll. The payment function supports alerts and configuration of approval workflows.

“Sending funds to staff is very clunky, as each transaction must be individually processed and recorded manually. We are streamlining this payroll process by allowing customers to send funds via a corporate address book to up to to 60 people, on the fly,” Sahaghian said.

And Multis wants to go further by creating ramps between the crypto and fiat worlds. In the United States, Multis users will get traditional USD checking accounts, which could be especially useful for paying bills and suppliers.

Additionally, Multis customers will be able to order corporate debit cards. These banking features are expected to be available at some point during the second quarter of 2022.

Behind the scenes, Multis will provide a crypto-USD brokerage service. “We partner with a money services business, brokers and real FDIC insured bank up to $250,000,” Sahaghian said. For users, everything happens in your Multis account.

Next, Multis will look at all the finance workflows of a typical organization and attempt to integrate those workflows into their product. You can imagine more accounting and HR integrations, access to decentralized exchanges, invoicing features, popular DeFi protocols, and more.

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


How an 84-year-old black-owned bookstore on Farish Street is still alive


Updates from the e-commerce giant

Check Also