Global buyout house Bridgepoint has led a $160m growth round for Kyriba, giving the US-based fintech business a $1.2bn valuation.
Bridgepoint has acquired a majority stake in the business, with existing backers Daher Capital, Iris Capital and Kyriba’s CEO Jean-Luc Robert remaining as investors.
Kyriba’s cloud-based SaaS enterprise platform provides financial services companies with cash & risk management, payments and working capital optimisation services.
The business reported $110m of revenue for 2018, and that year would announce plans to acquire enterprise currency management company, FiREapps.
The San Diego-headquartered company will use the new funding to enhance product development, customer support and expand its ecosystem. Kyriba has also earmarked $60m of the funding for product innovation over the next two years.
“We are very pleased to be engaged with Kyriba in this next stage of growth. Kyriba is a fast-growing company with an impressive track record of double-digit expansion and is the global market leader in cloud-based treasury management software solutions,” said Bridgepoint partner David Nicault.
“With a market-leading offering and leadership position in the French and US markets, Kyriba is now well positioned to expand globally and we anticipate that further investment in R&D in particular will support its development in providing clients with comprehensive, end-to-end liquidity management solutions.”
Bridgepoint has more than $20bn of assets currently under management and has raised over $30bn since launching over 25 years ago.
In January, the firm made its first investment through its €5.7bn buyout fund, Bridgepoint Europe VI, after picking up Portuguese water distribution business Miya.
