Paris, September 14, 2023 – French Treasury Management fintech 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.
Digital currency payments: a major challenge for businesses
A growing number of global companies are using blockchain in projects beyond the technology’s roots in cryptocurrencies – in financial services as well as other industries such as retail and supply chain. According to research commissioned by Coinbase (June 2023) 83% of surveyed Fortune 500 executives who are familiar with blockchain say their companies have either current initiatives, or are planning them.
This growing use of blockchain has created new challenges for companies, particularly in corporate treasury management and payments of digital assets. Central banks have been paying attention, and a 2022 report by the Bank for International Settlements (BIS) said it had become necessary to "reduce the cost and time of international payments for both individuals and businesses through an ambitious CBDM (Central Bank Digital Currency) programme".
"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 intermediarie
Fipto, a payment and cash management service that links traditional and digital currencies in complete security and compliance
"None of the other existing digital currency payment solutions provide a complete solution to the challenges of compliance, security, asset valuation and auditing," said 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.”
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.
"Blockchain will transform businesses;” said Fipto Chief Operating Officer and co-founder Bertrand Godin. “It’s a game changer in terms of security, technology and cost, but above all on trust. Being registered with the DASP means we can promise compliance at the highest level.”
Serena and Motier Ventures convinced by Fipto founders’ combined expertise in payments and blockchain technologies
The Fipto platform was built from scratch 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,” said Serena Partner Bertrand Diard.
Fipto is a global B2B payments and treasury management solution that enables businesses to convert and send any currency by harnessing the full value of blockchain: speed, cost efficiency, and transparency. Combining the best practices of traditional payment with the capabilities of blockchain technology, Fipto empowers its users with a compliant-proof platform for fast, safe, and 24/7 cross-border payments. Fipto is a registered Digital Asset Service Provider (DASP) by the French Financial Markets Authority (AMF). Learn more about Fipto's comprehensive range of solutions at www.fipto.com
Serena is an early-stage venture capital firm with the mission to support the success of innovative and ambitious entrepreneurs to serve a better world.
Because capital alone is not enough for founders to build in the best conditions, Serena provides them with an unrivalled level of expertise and operational resources. Serena’s companies can leverage an experienced team of Operating Partners and an active community of 550 C-levels, the Serena Squad, open exclusively to present and past companies, each contributing to the other's success.
Founded in 2008 by entrepreneurs for entrepreneurs, Serena’s core belief is that VCs should work for their companies, not the other way around. The firm has contributed to success stories such as Aramis (acquired by Peugeot), The Fork (acquired by Tripadvisor), Cheerz (acquired by Cewe), Selectron, or RSI Video Technologies. It currently has over 60 handpicked startups in its portfolio including Dataiku, Descartes Underwriting, Electra, Jimmy Energy, Lifen, and Malt.
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