Nilos, a prominent financial platform catering to businesses engaged in crypto-currencies, has introduced its latest offering, Virtual EU IBANs, targeting companies operating with crypto in Europe. This development has been made possible through their recent partnership with Modulr, a leading payment and card issuing platform. This solution enables businesses to access dedicated payment accounts that are crypto-friendly, facilitating the creation of virtual EUR and GBP accounts. Consequently, businesses can conduct payments throughout Europe and the UK, utilizing SEPA and Faster Payment rails.
The crypto market has long grappled with the absence of viable payment alternatives, as traditional banking systems have proven uncooperative for enterprises dealing with cryptocurrencies. Even when these businesses do find banking options, the processes of on/off ramps, onboarding, and compliance pose significant challenges, often taking over a month to complete.
For the first time, Nilos resolves these issues by providing customers with a flexible payment infrastructure that allows for seamless transitions from crypto to fiat, utilizing their own business accounts.
“With our technology, businesses can now seamlessly move funds from crypto to fiat in just 7 seconds, with their name as the originator of the payment. This innovative solution eliminates the pain points associated with slow, compliance-heavy processes and empowers businesses to thrive in the evolving landscape of payments.” said Eytan Messika, Co-founder of the platform.
In the past month alone, the company has processed deposits worth several million dollars and has established partnerships with diverse entities, ranging from prominent brands like Warner to web3 native companies like DappRadar.
Having secured $5.2 million in funding during an investment round in April 2022, Nilos garnered support from leading investors such as Viola Ventures and Fabric Ventures, along with participation from Mensch Capital Partners. Additionally, various business angels, including Yuval Tal, Sebastien Borget, Emmanuel Schalit, Benjamin Seror, Didier Valet, Guillaume Houzé, Philippe Suchet, and Valentine Baudouin, contributed to this funding round.