Crypto startup Nilos has raised $5.2 million in a funding round led by Viola Ventures and Fabric Ventures.
According to an announcement from Wednesday, other investors who took part in the funding round involved companies such as Mensch Capital Partners and angels backers, including The Sandbox co-founder Sebastien Borget and the former deputy CEO of French banking giant Societe Generale.
Nilos has announced that the funds will be used to bring in new clients, finance research and development, and build the sales and marketing team.
Nilos is aiming to transform the payment service industry. It is working to build a unified platform for managing crypto and fiat treasuries, which involves unifying crypto wallets, corporate accounts, and payment service providers to ensure that income, money flows and payments can be tracked on one platform.
Additionally, Nilos will also allow crypto to fiat currency payouts, the ability to create accounting reports on such data, and can monitor suspicious sources of funds in line with anti-money laundering requirements.
“We are big believers in web3 infrastructure plays. The Nilos team is solving a huge gap, bridging financial and treasury services for both web2 and web3 companies who are looking to embed on-chain revenues with their fiat operations in a seamless, compliant and secure way,” said Omry Ben David, partner at Viola Ventures.
According to Nilos, a growing number of businesses are dealing with both fiat and crypto treasuries or those looking to get into crypto, which is open for the company to tap into and score big.
The company’s clients include AnotherBlock, Rocket3, Metafight, and Rarecubes.
Nilos’ funding news has come after a number of recent rounds closed by startups building the accounting software for businesses with crypto exposure.
Web3 accounting software Tres raised $7.6 million in seed funding on Sept 20.
While in March, Coinbooks raised $3.2 million to build accounting software for decentralized autonomous organizations (DAOs), and in June, Request Finance, which automates payroll for crypto companies, won the backing of venture capital firm Balderton Capital and gaming firm Animoca Brands in a $5.5 million seed round.
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This article was originally reported on Blockchain News.