Segment: DeFi / Business Model: B2B / Stage: Seed
Purpose: Helping companies manage their crypto
Problem: Managing and tracking funds in crypto can be from multiple sources making it difficult to understand how much and where crypto funds are being spent
Solution: Create a crypto wallet and track all spending in one tool, while staying compliant
Team:
Grey Nguyen - Co-founder and CEO
Ben Yang - Co-founder and CTO
Traction:
Funding: Raised $5M Seed in April 2022, led by Abstract Ventures and A* Capital. Balaji Srinivansan, Sahil Bloom and Dan Held contributed.
Product: Currently in closed-beta and aiming to launch later this year
Positive Signals:
Market: No other real crypto spend management platform out there, allowing them to be a first-mover. It’ll be key to see how they become sticky for their customers as more players enter the space
Business Model: Proven out by FIAT corporate card and spent management startups like Brex and Ramp
Founders: Strong backgrounds, both went to Wharton and worked in reputable firms the last few years
Risks:
Business Model: They aim to be free for users and charge in the future with product launches such as staking
Founders: First-time founders (I don’t view this as a negative), but will be interesting to see them ride the ups and downs of the journey - they have a strong team of investors (read: mentors)