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Nilos integrates crypto and fiat accounts for small businesses • Technology Flow

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 — be they fiat transactions or crypto payments. From this platform, you can initiate payments and resume operations across multiple accounts.

The startup raised $5.2 million in funding back in April. Viola Ventures and Fabric Ventures led the round, with Mensch Capital Partners also participating. A number of business angels also contributed to this round, including Yuval Tal, Sebastien Bourget, Emmanuel Shalit, Benjamin Seror, Didier Vallet, Guillaume Houze, Philippe Suchet and Valentine Bowdoin.

“We started with a simple finding. There are thousands of companies that manage crypto assets, but there are even more companies that want to own crypto assets — but they’re too complicated,” co-founder and CMO Eytan Messika told me.

And it’s true that there are a lot of complications when you start fiddling with cryptocurrencies. There are some tax difficulties and some compliance requirements. Managing fraud also becomes more complex. Large companies can easily add crypto assets to their cash balance because they have enough resources – but it’s still difficult for smaller companies.

Essentially, Nilos wants to lower the barrier to entry. If you’re just getting started, you can create a custodial crypto wallet directly with Nilos. In this way, clients do not need to store and manage digital assets directly.

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

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

Nilos PressKit – 11b

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, rebalance your treasury between crypto and fiat assets.

The startup currently charges 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 is more transparent to end users. Some of the first clients were Anotherblock, Rocket3, Metafit and Rarecubes.

Currently, Nilos is registered under the supervision of the Financial Crime Investigation Service (FCIS) in Lithuania, but the company is already applying 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 focus mostly on large enterprise customers and retail investors. Smaller companies remain and the market is underserved, and Nilos plans to take advantage of that.

Nilos team

Image Credits: Nilos

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