The Big Idea: Multis
When I consider an investment in the greater crypto space, I initially consider a couple of factors right off the bat. First, how understandable is the product to a person who has minimal involvement in the overall space. This will tell me a lot about how quickly a large amount of customers that are less crypto-savvy can be onboarded on to the product. Second, how will this product grow in relation to the greater crypto market as a whole. Is there a small niche that the product can take a firm command of but never really expand beyond or will the product grow and scale with the broader market itself.
Recently, I came across a product in this space that really interested me with regards to both of the factors above. French startup Multis raised Series A funding led by Sequoia Capital. Multis is filling a need as the “financial backbone for every web3 organization” empowering the next generation of business leaders in the web3 space. Built on Gnosis, Multis is the software layer in which, you can manage your web3 organization’s finances. If you are a business that mostly operates by sending and receiving payments in cryptocurrencies, this is the platform for you.
The Multis platform is a very user-friendly, efficient UI. The software in its current form has a few main utilities. You can monitor your crypto organization’s finances gaining insight on inflows, outflows, and historical balances after syncing a variety of supported wallets. You can analyze transaction patterns that are well-visualized on the system, noting trends, and monitor on a macro or micro level. The platform allows streamlined accounting processes by providing direct integration with quickbooks. Transactions are able to be exported in csv format. Up to 60 payments are able to be conducted at once to ethereum wallets, which can have many applications for a web3 business. Team members can be easily on-boarded onto the platform with varying degrees of approvals from admin to read-only. The platform leverages gnosis safe technology as the backbone of the organization, offering support to get onboarded to that solution.
Multis is operating in a very exciting market. As I mentioned at the beginning of this post, I think Multis is in a unique position to grow with the web3 space. By establishing themselves as the go-to business support software for web3 businesses, they can leverage their unique position to grow with the greater crypto market as a whole. They still need to expand their offerings in my opinion but they have a large runway of possible development options. Those with less web3/crypto experience can quickly relate to this easy to use platform. Web3 isn’t going anywhere and is going to continue to massively expand. Multis is there to support this expansion by helping new organizations across many different avenues.
Competition could arise from other crypto-wallets aggregators that could develop business management focused platforms themselves. However, I believe Multis is in a unique position in their current offering to continue to dominate this space and take advantage of their early push into this offering.
Where does Multis go from here? Next up, Multis is offering beta testing on USD checking accounts where customers can easily and efficiently on/off-ramp from cryptocurrencies to USD and access up to 700 currency pairs across multiple decentralized exchanges. Multis has a debit card offering for these accounts to use for USD purchases, fully granting web3 crypto-businesses access to fiat business spending. Multis is also analyzing all financial workflows for web3 businesses and is planning on integrating these into the platform going forward. I can envision Human resources functions, business invoices and greater accounting processes, internal work-flow allocation, and even DeFi protocols as potential functions that Multis could look to develop.
Overall, I think Multis is early in what could be a tremendous opportunity. They offer a user-friendly powerful platform to manage web3 businesses. As they continue to grow the product by offering more sophisticated tools such as ramping/de-ramping, currency exchange, DeFi protocols, and other internal business tools, I expect to see more and more customers using Multis. Multis is levered to grow with the crypto/web3 space overall if they play their cards correctly. I am extremely excited to see where they go from here and how they connect newer and greater business in the web3 world.