On September 21, 2022, Nilos announced it had raised $5.2 million from angel investors. Nilos currently works as a one-stop solution for businesses seeking to connect crypto wallets, bank accounts, and PSPs. It allows businesses to easily manage all their treasury operations from a single point, such as tracking incomes, reconciling money flows, and making payments in fiat and cryptocurrency.
Fabric Ventures, Viola Ventures, and Mensch Capital Partners led the funding round. Over 20 angel investors in the round included Sebastien Borget, cofounder of The Sandbox, Yuval Tal, the founder of Payoneer, and Benjamin Seror, the CPO at SimilarWeb.
A growing number of businesses are emerging that offer dual fiat-crypto treasuries or allow businesses to easily onboard crypto. Dealing with two different financial systems, tracking multiple accounts, volatility, and dealing with compliance and reconciliation problems is complex. Nilos offers a comprehensive solution for all these issues.
What Nilos Does
Eytan Messika and Raphael Fettaya created Nilos in 2021. The solutions provided by the company to businesses are:
- Connect all accounts via a single interface.
- Track all crypto and fiat transactions in a unified ledger
- Reconcile payments
- Schedule and route effective crypto to fiat off ramping
- Extract detailed accounting reports
Nilos also offers AML compliance services. These are:
- Monitor incoming crypto transactions to spot suspiciously sourced funds
- Provide custody services to store crypto
- Perform KYB onboarding
Nilos has experienced phenomenal growth. It has grown to 10 people based in Israel and France in just three months. Thus far, it has worked with numerous NFT platforms, agencies, and brands.
What the Leaders Had to Say
Commenting on the funding round, the CTO of Anotherblock, Sebastien Ljungberg, said he was excited about the close collaboration with Nilos. He added that Nilos plays a key role in the adoption of Web3 by companies.
The General Partner at Viola Ventures, Omry Ben David, also commented on the development. He said that they believed in Web3. According to him, Nilos was solving a huge gap by bridging financial and treasury services for Web2 and Web3 companies seeking to blend crypto revenues with fiat seamlessly.
The last to comment on the funding round was Anil Hanjsee, the General Partner at Fabric.vc. According to him, being paid in crypto was quite easy. However, everything that came after was complicated. He added, “Anything to do with managing income (treasuries), storing currencies safely, exchanging these to stable currencies, using the right chain from acceptance to withdrawal, using the right exchange to offramp and doing this in a legally compliant manner with the right documentation is extremely difficult and a fragmented, manual process right now. “ Hanjsee concluded by stating he was happy to be working with Nilos to solve the key missing piece that will make crypto widely acceptable.
Summary
Nilos is a relatively young company but one whose services are in huge demand. As more of the world has adopted crypto, many businesses have been looking into ways they can offer their products and services in crypto. However, many have had to discontinue these offerings due to a lack of comprehensive solutions. Nilos provides a solution that allows businesses to easily adopt crypto into their operations.
