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Parallax

Fast bill pay, invoicing & accounting for the modern, web3 business

Seamless crypto invoicing, bill pay and accounting

Market

There are a growing # of web3 businesses or businesses with crypto on their balance sheets. This trend will only go, with incumbents AND more startups entering the arena.

Increasingly, many of these businesses are realizing crypto has benefits for their business, especially in sending and receiving crypto between businesses:

  • Global from day one
  • Lower fees
  • 96% faster transactions and settlements
  • Businesses are receiving revenue in crypto and prefer to payout in crypto vs. converting to fiat and incurring costs
  • Reduce churn by enabling more flexibility in payments
  • Ability to participate in web3 and grow yield from treasuries

Problem

Managing finances should be easy so companies spend time growing their core offerings, but it’s not true today in web3.

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Spreadsheets

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Copy/Paste

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Hacky Scripts

Despite this growth of crypto on balance sheets, infrastructure is not keeping up with web3 businesses and their needs.

  • managing pay-ins and payouts across fragmented sources: bank accounts, exchanges, 10+ wallets, several tokens
  • not all vendors or clients accept flexibility in paying in crypto (because it’s hard to account for!)
  • while settlements are faster, clients still take weeks to pay! (what’s the point?)
  • wallet and financial information is not private
  • can’t actually grow yield on crypto easily
  • downstream complications with accounting and taxes
  • no great approval workflows for collaboration across the company
“We spend half our time typing transactions into a spreadsheet.” -Web3 COO
Today’s state of affairs is manual, insecure & takes weeks & months, not hours or days

Solution

For companies to properly manage their finances and business payments, our solution will:

  1. Enable easy & compliant crypto payments from vendors and customers. In other words, bill pay (approval workflows, account payables) & invoicing. Starting here produces network effects and viral growth, allowing us to land and expand to various businesses transacting with one another.
  2. Aggregates and streamline for easy reporting, bookkeeping and accounting. We funnel information from a company’s existing accounts and the vendor payouts into one place for a standardized picture of their finances, as well as make the accounting reconciliations easy on existing accounting software.
  3. Unlock the power of programmable money. Make the crypto unlocks really easy and seamless for businesses — from on/off ramps to wallet creation to yield growth to swaps.

We start with foundations that allow us to grow virally and expand our use cases further.

Go-To-Market

Target mid-market crypto companies.

  • Targeting companies that are too early stage will not invite the nuance in design that’s required of upscaled companies such as 1) more sophisticated approval workflows; 2) roles, permissions and collaborators; 3) scale and number of transactions to parse and index; 4) level of sophistication of compliance

Built-in viral effects in product.

  • The product is inherently viral, as you have to send an invoice to another player, which then causes them to see that there is a service worth signing up for. This is how web2 invoicing platforms like Melio (unicorn in 3 years) and BIll.com expanded very quickly.

Strong partnerships with crypto accountants and finance teams.

  • One accounting firm unlocks several crypto companies immediately, as clients.
  • We have 5 confirmed partners with crypto accounting firms, with years of experience in crypto accounting, and willing to use our product for their invoicing needs, and refer to their clients, including the accountant of major players: 0x, OpenSea, Phantom, Azuki
  • Accountants are a tight knit group — even more so in crypto. If we make one accountant happy, they’ll recommend our service to other crypto accountants.

Ecosystem Partnerships & Support.

  • Ecosystem investors and early clients, as they are incentivized to distribute their stablecoins and tokens, which gives us a boost in the ecosystem of companies. Example: Solana (& Solana Pay)

Team

We’re Mika and Alex, supported by advisors from South Park Commons, Electric Capital, Microsoft execs, among others. We were product and engineering leads at LinkedIn and scaled previous startups to 2M+ users.

Get involved!

If you’re still reading, thank you. We’d love your feedback — this is a working document.

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Are you a CFO, finance leader, operations leader, founder or accountant? I’d love to understand your team’s goals, requirements and use cases, and maybe even involve you in the development process. You can also subscribe to our newsletter.

Reach out at m@parallax.to and we’ll reach out to share more!