French treasury management fintech Fipto raises €15m in seed funding

French fintech company Fipto has secured €15 million in seed funding, propelling its mission to revolutionise corporate treasury management and international payments using blockchain technology. This funding milestone, led by Serena with participation from Motier Ventures, comes in the wake of Fipto’s recognition as a Digital Asset Service Provider (DASP) by the French Financial Markets Authority (AMF) in March. The designation underscores Fipto’s compliance with stringent regulatory standards.

The use of blockchain technology has transcended its origins in cryptocurrencies, permeating various sectors, including financial services, retail, and supply chain management. According to a recent survey commissioned by Coinbase in June 2023, a remarkable 83% of Fortune 500 executives familiar with blockchain have ongoing initiatives or plans to integrate blockchain into their operations.

As blockchain adoption surges, businesses face fresh challenges, particularly in corporate treasury management and the handling of digital assets. Central banks have taken notice, as highlighted in a 2022 report by the Bank for International Settlements (BIS), emphasising the need to streamline international payments for both individuals and enterprises through a comprehensive Central Bank Digital Currency (CBDC) initiative.

French treasury management fintech Fipto raises €15m in seed funding. Photo courtesy of Fipto.

Patrick Mollard — Fipto CEO and co-founder said: “Payments in digital currencies make it possible to simplify international transactions.

“Traditional transactions can take several days to complete, are difficult to trace and can be costly because they involve numerous intermediaries.”

Fipto not only facilitates payments but empowers its clients to take full control of their digital assets. Simultaneously, it assists in the efficient management and consolidation of corporate treasuries, in full accordance with French DASP and forthcoming European Markets in Crypto-Assets (MiCA) regulatory standards. The platform boasts robust security features and permission tools to ensure the utmost asset protection.

The French DASP status obtained by Fipto has played a pivotal role in inspiring the European Union’s MiCA Directive, which secured approval from the European Parliament on April 20, 2023, and is slated to take effect later this year. MiCA lays the groundwork for a comprehensive legal framework governing all digital asset operators.

Fipto’s platform represents a groundbreaking payment infrastructure, developed from the ground up. The company’s founders bring over two decades of banking and payments expertise to the table. The team includes a cryptocurrency specialist responsible for crafting an exchange platform, alongside a former head of sales at Coinhouse, the first digital currency broker to garner DASP approval from the AMF.

Bertrand Diard — Serena partner said: “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.”