Multis (eF18) closes $2.2M Seed Funding to build the future of business banking
Multis (eF18) raises $2.2M seed round from White Star Capital, YCombinator, Coinbase Ventures, Greenfield One, DCG, and several business angels. The company will continue to deliver on its mission to build truly disruptive financial services for companies and reinvent corporate banking. No less.
WalletX, our secret blockchain project, was launched back in 2018 in our studio. We wanted to dig deeper into blockchain and had the strong intuition that SMBs could benefit greatly from having crypto wallets with a neobank experience. And so we quickly partnered up with an exceptional founding team, Theo (co-founder and CTO) and Thibaut (co-founder and CEO).
They both brought their strong and complementary expertise in building blockchain products and, more importantly, their conviction that SMBs have been poorly served by banks, needed innovation, and deserved better. As Thibaut often says “banking sucks”. Indeed, the majority of companies today still rely on legacy banking infrastructure that have not, or, barely changed since the 1970s and particularly benefit corporations. The moonshot mission to build a better future for business banking was born.
Beyond Just a Crypto-Bank
Through the use of Decentralized Finance (DeFi), Multis provides companies with financial services that are cheaper, faster, and more innovative than existing legacy solutions. Kudos to Theo, Thibaut, and the rest of the talented Multis team for being the first-movers in building cryptobanking for SMBs from scratch. They’ve generated huge traction already, joined YC’s S19 batch and got prestigious investors on board. They’ve confirmed that our initial intuition was true: with a clean and accessible product, SMBs could really benefit from crypto.
Multis has succeeded in delivering not just a crypto-bank but a neobank like experience. The initial care they took in designing their initial product is impressive: from being the first to launch high-interest savings accounts to the excellent UX and design — a rare thing in an industry that’s known for its terrible user experience!
What’s Next for Multis?
Multis has been gaining serious momentum and this funding round confirms it will be set to continue, we know the team will be hard at work to make sure that companies make the most of their crypto.
They will use the funds to build an offer that bridges cryptocurrencies and Decentralized Financial services (DeFi) with Euros and US Dollars and legacy financial services. And they will need talented Cryptodreamers to join them! The Multis team which has effectively doubled in the past 5 months and is aggressively recruiting in Product, Engineering, and Growth. Go on, apply!