Erez Agmon, CEO of Vayu, says broken cryptocurrency invoices are the biggest hidden source of revenue leakage at growing infrastructure companies.
summary
- Erez Agmon says unpaid and unbilled usage is the most underestimated revenue leakage in cryptocurrency infrastructure companies.
- He points out that Utila shifts billing from engineering to finance, a model that competitors should follow.
- Tightened rules such as MiCA raise the level of auditability and traceability from use to billing.
Vayu CEO Erez Agmon says the contract-to-cash layer, not the product, is what breaks first when cryptocurrency companies go after institutional customers. Local billing setups break down as soon as pricing becomes complex, he says.
Pressure is increasing as European rules are tightened. Under MiCA, crypto asset service providers must obtain a full license to operate in the EU by July 2026, with regulators requiring timelines and audit trails. The European Securities and Markets Authority (ESMA) has certain. Agmon defines billing accuracy as part of the same operational standard.
Why are cryptocurrency bills breaking so widely?
Early cryptocurrency companies rely on engineering for invoicing, Agmon says: Developers build usage hooks, finance exports the data, and someone turns it into invoices manually. This works while keeping pricing simple.
It stops working as soon as the conditions are varied. Transaction fees, custody levels, API usage, and wallet operations multiply, and the manual process becomes unsustainable. The fix is to move billing from an engineering task to a finance-owned workflow, Agmon says.
It refers to the Utila wallet platform, which I mentioned Over $51M in total funding and over 100 institutional clients. The company sits within a broader range Stable coin Building infrastructure and processing over $15 billion in monthly transactions, a volume that exposes any gap between what is sold and what is invoiced.
Utila previously relied heavily on engineering to launch products and adjust pricing, which created bottlenecks. The partnership changes that, said Inbal Rozin, head of business operations at Utila. “By providing us with deep insights and real-time data on our revenue sources, Vayu enhances our strategic decision-making capabilities.”
The biggest leak is hidden
When asked about underestimated infusion, Agmon mentioned unbilled or unbilled use. He says that cryptocurrency infrastructure companies set prices based on events: transactions, API calls, verification events, and volume thresholds.
When these events are not automatically linked to billing rules, revenue is missed or delayed. The problem is more severe with overpayments, as the customer may already have an invoice that does not match actual usage, leading to disputes or write-offs.
Ajmoun bridges the gap on a wider scale compliance Transformation, where auditability now accesses cash flow directly. Traceability is the gap that most companies still leave open, as the contract links location, pricing terms, actual usage and billing.
The emerging solution, he says, is a hybrid model: a committed base fee plus metered usage, a tiered rate card, and financing that owns the billing logic directly. This discipline is more important like MiCA deadline It forces companies to prove and acknowledge what they have sold, used, billed.
Vayu, which was founded in 2023 and is backed by $7 million in seed funding, has clients including Au10tix and Mesh Payments alongside Utila. The layer between what is sold and what is invoiced is where cryptocurrency companies must modernize next, especially as licensing and institutional diligence ramp up, Agmon says.
