London startup TreasurySpring focuses on businesses with extra cash in their reserves willing to make their money work on an investment platform
TreasurySpring — an investment platform for businesses — has announced receiving $29 million in Series B funding to expand its products and services.
The London B2B fintech startup is now valued at close to $100 million. The funding round was carried out in two phases, including both primary and secondary funding from Balderton Capital, Mubadala Capital, ETFS Capital, MMC Ventures and Anthemis Group.
The challenge TreasurySpring aims to solve is that small and mid-size businesses don’t typically have access to the services large investment banks offer to invest their cash reserves in diverse ways. The fintech’s platform, on the other hand, offers 600 standardised cash investment products, supporting seven currencies across three chief categories: governments, corporates and banks such as Goldman Sachs, Barclays and Societe Generale.
In addition, TreasurySpring offers FTFs for enterprises of all sizes. Its Fixed-Term-Funds are described as “standardised and regulated,” making different investment options more accessible to the treasury teams.
Despite being available to smaller businesses, TreasurySpring also has a range of FTSE 100 corporations and other multinationals, scaling startups and charities, who have between $5 million and $10 million in cash reserves, among their clients. These include Sainsbury’s, Schroders, Muller, Hg, Bunq, Lendable and Tide.
The company says that there are currently 100 new clients being onboarded, with 250 businesses already using its platform. The surge of interest is one of the main reasons that spurred the new funding round, calling for the growth of services and capabilities.