UK FinTech startup TreasurySpring has secured $10m from a Series A funding round.
The round was co-led by MMC Ventures and Anthemis Group. There was also participation from existing investors such as ETFS Capital. TreasurySpring has raised a total of $15m since its inception.
Established in 2016, TreasurySpring has developed a Fixed-Term Fund (FTF) platform that is aiming to deliver new digital pipelines to connect cash-rich firms to institutional borrowers. FTFs refer to a financial instrument in which an investor’s funds are locked for a predetermined period of time and can commonly be found through UK government bonds.
The company said its FTF platform provides its holders of large cash balances online access to a menu of cash investments on a daily basis, a service normally only commonly available to major financial institutions. To date, TreasurySpring claims it has issued more than $9bn of FTFs to a client base that includes fund managers, charities, large private companies, family offices and FTSE-100 companies.
TreaurySpring CEO Kevin Cook said, “Following a break-out 12 months in which we increased AUM by 10x, we wanted to bring in the best possible investment partners to support our ambitious growth plans. We have long admired both Anthemis Group and MMC, so I am delighted that they co-led the round and we are excited to work with Sean, Ollie and their respective teams, as we move into the next phase of our journey to redefine cash investment and front-office treasury.”
MMC Ventures partner Oliver Richards added, “Having worked with the team at TreasurySpring for the last two years, we have absolute confidence in their ability to deliver on their unique vision to level the playing field in cash investing and short-term funding, through a platform that not only brings value to its clients and issuers but also enhances the diversification and systemic stability of the money markets as a whole.”
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