TreasurySpring Secures 29 Million in Funding to Expand Its Investment Platform for Businesses Holding Excess Cash

The recent collapse of Silicon Valley Bank (SVB) has highlighted several issues, but one major concern is the liability of having too much cash sitting in too few bank accounts. In response to this challenge, a London-based startup called TreasurySpring has announced $29 million in funding to expand its platform for businesses to put their cash reserves to work through investments.

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TreasurySpring Raises $29 Million to Expand Its Platform

The funding, a Series B round, is being led by Balderton Capital, with new backer Mubadala Capital and previous backers ETFS Capital, MMC Ventures, and Anthemis Group participating. This latest round values the startup at close to $100 million. Prior to founding TreasurySpring, the three co-founders – Kevin Cook (CEO), James Skillen (CTO), and Matthew Longhurst (COO) – cut their teeth working in hedge funds, asset management, and investment consulting.

The Challenge of Managing Cash Reserves

Big entities typically have better access to services than smaller organizations. The three co-founders saw that treasury departments at huge enterprises might work with large investment banks to invest their cash reserves in diverse ways, but for companies not the largest in the world, there were no routes to do the same. This is where TreasurySpring comes in – building a platform to help businesses manage their money in similar ways.

TreasurySpring’s Customers and Platform

To be clear, TreasurySpring’s customers are not exactly small. On average, they might have between $5 million and $10 million to billions of dollars in cash reserves, and they include FTSE 100 corporations and other multinationals, as well as startups that are scaling, and also charities. Some of its customers include retail behemoth Sainsbury’s, Schroders, dairy giant Muller, Hg, Bunq, Lendable, and Tide.

The platform has been built to include some 600 financial institutions across the globe, making it easier for businesses to manage their cash reserves and invest them productively. With this expansion, TreasurySpring aims to reach more companies worldwide, helping them optimize their cash management and investment strategies.

Topics

Balderton Capital: A venture capital firm that has invested in numerous successful startups across various sectors.
Cash Management: The process of managing a company’s cash inflows and outflows to maintain liquidity and optimize investments.
Fintech: Financial technology companies that use software and other technologies to provide financial services to customers.
SVB (Silicon Valley Bank): A US-based bank that specializes in serving the financing needs of tech startups and entrepreneurs.

Conclusion

The collapse of Silicon Valley Bank has highlighted the importance of cash management for businesses. TreasurySpring’s platform provides a solution for companies to put their cash reserves to work through investments, making it easier for them to manage their finances effectively. With its recent funding round, TreasurySpring aims to expand its reach and help more businesses worldwide optimize their cash management strategies.

About Ingrid Lunden

Ingrid Lunden is the Europe Editor at TechCrunch. She joined in February 2012, based out of London. Before TechCrunch, Ingrid worked at paidContent.org, where she was a staff writer. She has also written freelance regularly for other publications such as the Financial Times.

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