Nilos, a financial platform for businesses operating with crypto-currencies, has launched its new Virtual EU IBANs aimed at companies dealing with crypto in Europe.
The move has been made possible by their new partnership with Modulr, a payment and card-issuing platform.
The solution allows businesses “to have a dedicated crypto-friendly payment account, enabling them to create EUR and GBP virtual accounts, make payments across Europe and the UK, and use SEPA and Faster Payment rails.”
The crypto market has long “struggled to find viable payment alternatives, with traditional banking systems proving unhelpful for businesses dealing with cryptocurrencies.”
Even when these businesses do find banking options, on/off ramps “don’t work and onboarding takes more than a month, and compliance is challenging.”
For the first time, Nilos solves these issues “by offering customers a modulable payment infrastructure that lets them move from crypto to fiat seamlessly using their own business account.”
With their technology, businesses can now seamlessly “move funds from crypto to fiat in just 7 seconds, with their name as the originator of the payment.”
Eytan Messika, Co-founder of the platform, said:
“This innovative solution “eliminates the pain points associated with slow, compliance-heavy processes and empowers businesses to thrive in the evolving landscape of payments.”
The company already “processed several millions in deposits in the last month and works with all types of companies from big brands like Warner and web3 native companies like DappRadar.”
The startup “raised a $5.2 million funding round back in April 2022.”
Viola Ventures and Fabric Ventures reportedly “led the round, with Mensch Capital Partners also participating.”
Several business angels also “contributed to this round, such as Yuval Tal, Sebastien Borget, Emmanuel Schalit, Benjamin Seror, Didier Valet, Guillaume Houzé, Philippe Suchet and Valentine Baudouin.”
As noted by the firm’s management:
“Web3 is disrupting industries like never before. From near-free cross-border payments to engaging communities with NFTs, companies can leverage crypto in many ways. But, every step towards adoption is complicated. New payment rails, compliance requirements, accounting rules…Businesses need a framework to navigate this market, and it shouldn’t be hard. In fact, crypto should be as easy as fiat. At Nilos, we remove the complexity of crypto for businesses, so they can onboard and benefit from web3, instantly. We’re building the first platform that acts as a one stop shop for all crypto/fiat financial operations. Businesses should focus on growing their business; we will handle the rest.”