French Treasury Management fintech Fipto has raised €15 million in seed funding that it will use to accelerate its platform that enables companies to manage their corporate treasury and make international payments in fiat and digital currencies using blockchain technology.
This funding round, which includes Serena (lead investor) and Motier Ventures, follows Fipto’s registration as a Digital Asset Service Provider (DASP) with the French Financial Markets Authority (AMF) in March, which confirms that its services meet strict regulatory requirements.
“Payments in digital currencies make it possible to simplify international transactions,” said Fipto CEO and co-founder Patrick Mollard. “Traditional transactions can take several days to complete, are difficult to trace and can be costly because they involve numerous intermediaries.
As well as making payments, Fipto allows customers to take full control of their digital assets, while also managing and consolidating their corporate treasuries in full compliance with French DASP and forthcoming European MiCA regulatory requirements. The solution also includes watertight security and permissions tools for complete asset security.
The French Digital Asset Service Provider (DASP) status inspired the EU MiCA (Markets in Crypto-Assets) Directive, which was adopted by the European Parliament on 20 April 2023 and comes into force later this year. MiCA establishes a legal framework for all digital asset operators.
None of the other existing digital currency payment solutions provide a complete solution to the challenges of compliance, security, asset valuation and auditing,” commented Fipto’s Business Development Director and co-founder Grégoire Andrieu. “Compatible with the main digital currencies such as USDC, USDT, ETH and BTC, Fipto also enables businesses to make payments in traditional currencies, while respecting the requirements of their compliance and finance departments.”
The Fipto platform was built from scratch in 2022 as a new payments infrastructure. The company’s founders have more than 20 years’ experience in banking and payments, while the team includes an expert in cryptocurrency who developed an exchange platform, as well as a former head of sales at Coinhouse, the first digital currency broker to obtain DASP approval from the AMF.
“The team’s unique experience, ambition and in-depth knowledge of banking and payments, combined with their expertise in blockchain technology, will enable Fipto to become a global reference for businesses who need financial services based on this innovative technology. Thanks to its secure and compliant infrastructure, we are convinced that blockchain will profoundly transform the world of financial services, and that Fipto will become a leader in its field,” added Serena Partner Bertrand Diard.
Read the orginal article: https://www.eu-startups.com/2023/09/paris-based-fipto-snaps-e15-million-to-acutely-simplify-international-payments-using-blockchain/
