A spin-off of Dutch bank Rabobank has closed its Series A funding round following investment from its parent company and cross border payments specialist OFX.
TreasurUp offers white-labelled online treasury services to 6,000 customers of 7 international banks. The company claims it has developed new ways of online foreign exchange hedging including fully automated workflows and connections with a company’s bookkeeping platform. It was founded following an innovation campaign by Rabobank.
Furthermore, TreasurUp is currently developing new cash flow forecasting, target balancing and liquidity management modules for its customers. Earlier this year, it won the Global Finance Award for the World’s Best New Treasury Technology 2021.
Following the spin-off, Rabobank will remain as a shareholder of the new company, while TreasurUp engineering partner COERA will also co-invest.
According to TreasurUp, the spin-off allows the company to accelerate as an online treasury service provider for banks.
The company added in the coming years it will focus on expansion outside Europe and the development of new treasury models and services for banks.
CEO and co-founder of TreasurUp Niels van Daatselaar said, “Banks around the world are challenged with new business models and technology for small and medium-sized corporate clients. TreasurUp aims to bring them back into the competitive arena with online services that are completely designed around SMEs. In order to do so, TreasurUp will expand its unique online foreign exchange hedging module but also develop new modules like liquidity management and cash flow forecasting.
“As a company TreasurUp can be much more competitive than under the umbrella of a bank. “We are very proud to have OFX and Rabobank as major investors. OFX offers cross border payment solutions around the world. Their products, their platform, their service excellence, and their global presence will help boost TreasurUp’s ambitions. Likewise, we will continue to closely work with Rabobank in optimizing its service offering to business clients.”
OFX CEO Skander Malcolm added, “OFX is delighted to announce its first strategic investment. We believe OFX and TreasurUp have a lot of potential in helping clients around the world with superior risk management, payments, and reporting solutions. We are excited to start leveraging each other’s strengths in the areas of digital service delivery, risk management, and global coverage for SMEs, especially mid-sized corporates.
“TreasurUp has a strong team, a good track record and thought leadership in automating and simplifying risk management, and we have very aligned views on how we can better support clients through simplifying and improving their risk management.”
Copyright © 2021 FinTech Global
