TreasurySpring is targeting global expansion after raising £23 million in Series B funding.
The London FinTech is a platform aiming to allow smaller companies to access cash investment opportunities which are usually only reserved for large financial institutions.
It contains more than 600 standardised cash investment products, across seven different currencies and three categories: governments, corporates and banks. Companies can buy fixed-term funds from one week up to 13 months.
Clients include Schroders, Muller, Hg, Bunq, Lendable, Sainsbur’s Bank, Glovo, YuLife and Tide. The company says claims on its platform grew more than 7x in the last year and total issuance stands at more than $50 billion.
Founded by CEO Kevin Cook, COO Matthew Longhurst and CTO James Skillen, it now aims to expand into new markets.
The round was led by Balderton Capital and includes Mubadala Capital, and previous investors ETFS Capital, MMC Ventures and Anthemis Group.
“For too long, the importance of cash has been overlooked by many operating businesses and investors alike,” said Cook. “As rates have begun to rise across the globe and crises have once again started to permeate the banking sector, companies of all sizes have woken up to the benefits of diversification, security and attractive risk-adjusted returns.
“We have been growing the business rapidly for the last five years and are very well-placed to capitalise on current market dynamics. We’re delighted that Balderton is leading our Series B round – they understand our world deeply and have all of the experience necessary to support us on our journey to becoming a global leader in institutional cash investment.”
Rana Yared, general partner at Balderton Capital and TreasurySpring board member, added: “There is a huge opportunity to radically transform cash investment for all businesses, but it remains entirely overlooked.
“The TreasurySpring team are true experts and have built an innovative, elegant solution to make cash investing work for all businesses, regardless of size and structure.”