Crypto is famous for bringing the unexpected. And truly, as a Web3 native firm we should be used to the extraordinary by now. Who would have thought that despite everything looking dire, the market would pick up by the end of the year?
As we reflect on the transformative year that was 2023, it's clear that our journey at Rise is equally as skyrocketing as the whole of crypto has been nothing short of extraordinary. With a 10x growth trajectory, we've cemented our position as the premier hybrid fiat <> crypto payroll solution for web3 and global web2 companies, alike.
This success story is a testament to the collective effort and unwavering support of our global clients, international contractors from over 100 different countries getting paid through Rise, our partners, and investors. Let’s delve deeper into the milestones that defined our year.
Empowering Our Team: The Foundation of Our Success
This year, we grew our team to 15 highly skilled individuals, spanning marketing, sales, customer support, and engineering. This strategic expansion allowed us to enhance our product offerings, including payroll smart contracts, on-chain identity & security, automated compliance as well as multi-currency, multi-country payment flexibility, all while fostering a culture of innovation and excellence.
Each team member has brought unique insights and skills, contributing significantly to our overarching mission and goals.
Marketing and Growth
Our marketing and growth team has been instrumental in amplifying our brand presence. Through targeted campaigns and strategic outreach, they have successfully positioned Rise as a thought leader in the payroll space, attracting a diverse range of clients and partners.
Sales and Customer Support
Our sales and customer support teams have worked tirelessly to not only onboard new clients but also ensure their seamless transition to our platform. Their dedication to client satisfaction has been pivotal in securing long-term relationships and building trust within the industry.
Engineering Innovations
The engineering team has been the backbone of our product development and innovation. Their commitment to creating robust, user-friendly, and secure payroll solutions has set us apart in a competitive market.
Seed Funding: Catalyzing Our Growth
In spring 2023, we successfully closed a 3.8M seed round, co-led by Ryze Capital & Polymorphic Capital. This investment has been a game-changer, enabling us to accelerate our mission and scale our solutions.
The confidence shown by our investors, including industry giants like Draper Associates, P2P, Hashkey Capital, Paradigm Shift Capital, and W Ventures, has been a major boost. The involvement of seasoned angels like David Luttway, Lex Sokolin, and Alan Herskowich brought not just capital but invaluable industry insights and networks.
Exponential Business Growth
Our business growth has been nothing short of phenomenal. Managing over $30M in payroll payment volume, we’ve onboarded thousands of contractors and hundreds of new clients. Our platform has become the go-to solution for companies like Lido DAO, Bitcoin.com, P2P, T3rn, and Velodrome Finance, each with their unique payroll & global compliance needs.
Client Diversity
Our client base spans a diverse range of industries, including DeFi and DAOs, gaming, media & publishing, trading platforms, global creative agencies, app development studios, and more, showcasing the versatility and adaptability of our payroll solutions. From traditional web2 companies to innovative web3 organizations, our platform caters to a broad spectrum of payroll requirements.
Triumph at Consensus Pitch Fest
Winning 1st place at Coindesk's Pitch Fest at Consensus 2023 was a landmark achievement. This recognition from industry experts and peers underlined our commitment to excellence and innovation in the payroll domain.
Our pitch, which focused on solving complex payment and compliance challenges, resonated with the judges and audience alike. This win not only validated our approach but also opened new doors for collaboration and growth.
Customer-Centric Innovations
In 2023, we made significant strides in product development, keeping customer needs at the forefront.
Multi-Chain Support
We introduced support for funding payroll in both USD and USDC across multiple blockchains, including Mainnet, Arbitrum, Polygon, Optimism and Avalanche.
Payment Flexibility
Rise expanded payout options to over 90 local currencies and 100+ cryptocurrencies, including stablecoins like USDC, USDT, and DAI. Most recently, we implemented instant direct deposits in multiple currencies, including USD, GBP, and EUR with many more being added soon, including Canadian (CAD), Brazil (BRL) Mexico (MXN), and support for dozens of additional European countries. This feature has been particularly well-received by clients operating in diverse geographical and regulatory landscapes.
RiseID: A Web3 Professional Identity Solution
The launch of RiseID marked a revolutionary step in the world of web3 payroll and compliance. This on-chain professional ID not only streamlines employment verification and secures transactions, but also paves the way for broader applications in the decentralized app ecosystem, including immutable records of employment, credentials verification, and unlocks access to greater financial and professional benefits.
Building Strong Partnerships
Our partnerships have been a cornerstone of our strategy. Working with organizations like Braintrust, Safetywing, and CryptoCFOs has expanded our reach and enhanced our service offerings.
These collaborations have enabled us to offer more comprehensive solutions, including decentralized job marketplaces, digital nomad insurance, and specialized education around crypto payroll and compliance.
The Road Ahead: Expanding Our Offerings
As we look to 2024, we are excited about rolling out our Employer of Record solution in the US, with more countries to follow. This expansion will allow us to offer more comprehensive payroll services, further solidifying our position as a leader in the space.
Anticipating Future Needs
Our roadmap for 2024 includes several innovative features and service expansions. We remain committed to staying ahead of the curve, anticipating and addressing the evolving needs of our global clientele - whether than means adding payroll support for more blockchains and currencies, solving complex compliance and regulatory needs around the world, and creating even more use-cases for decentralized identities through the RiseID.
Our journey in 2023 has been remarkable, filled with challenges, learning, and triumphs. The unwavering support from the Rise community has been our greatest strength
