French Treasury Management FinTech Fipto Secures $16 Million in Seed Funding

Fipto, a French treasury management FinTech, has secured 15 million euros ($16 million) in seed funding to enhance its platform. 

The platform allows companies to efficiently manage their corporate treasury and conduct international payments using both fiat and digital currencies, all powered by blockchain technology, the company said in a Thursday (Sept. 14) press release.

The funding round comes after Fipto’s registration as a Digital Asset Service Provider (DASP) with the French Financial Markets Authority (AMF) earlier this year, according to the press release.

Beyond its association with cryptocurrencies, blockchain is now being utilized by global companies in various industries, the release said. However, the growing use of blockchain has created challenges for companies, particularly in corporate treasury management and digital asset payments. 

Recognizing these challenges, Fipto aims to bridge the gap between traditional and digital currencies, ensuring security and compliance, per the release.

“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,” Grégoire Andrieu, Fipto’s business development director and co-founder, said.

In addition to facilitating payments, Fipto empowers its customers by offering complete control over their digital assets, according to the press release. The platform enables businesses to manage and consolidate their corporate treasuries in compliance with French DASP regulations and forthcoming European MiCA regulatory requirements.

“Blockchain will transform business,” Bertrand Godin, Fipto’s chief operating officer and co-founder, said. “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.”

PYMNTS Intelligence has found that more than 37% of businesses are currently using blockchain and cryptocurrencies for cross-border transactions. In addition, another 13% of businesses said they would like to use crypto for that purpose, according to the “Blockchain Payments Tracker,” a PYMNTS and Algorand collaboration. 

In another recent development in the blockchain space, it was reported Sept. 7 that J.P. Morgan Chase is considering using blockchain technology to create a digital deposit token for faster cross-border payments and settlements. The bank has already developed the necessary infrastructure for the payment system, which is now pending approval from U.S. regulators before it can proceed.