TreasurySpring raises $29m to expand investment platform
The company aims to expand its headcount by 50 per cent and accelerate its international expansion with the new funds.
London-based TreasurySpring, an investment platform that helps companies diversify their cash assets, has just raised $29m led by Balderton Capital.
On a mission to offer “the power of large-scale treasury management” to all businesses, TreasurySpring was founded in 2017 to address the need for businesses of every size to have the opportunity to diversify their cash deposits.
TreasurySpring now supports companies across a range of sectors and stages — from Series A startups to FTSE 100 corporations — including fintechs Tide, Bunq and Lendable alongside Muller, Hg and Schroders.
According to the company, it has grown more than seven times in the past 12 months and seen total issuance through the platform exceed $50bn.
“For too long, the importance of cash has been overlooked by many operating businesses and investors alike,” TreasurySpring co-founder and CEO Kevin Cook said.
“As rates have begun to rise across the globe and crises have once again started to permeate the banking sector, companies of all sizes have woken up to the benefits of diversification, security and attractive risk-adjusted returns.”
The funding round, which adds to a $10m Series A raise in 2021, included participation from existing investors ETFS Capital, MMC Ventures, Mubadala Capital and Anthemis Group.
Revolut and GoCardless backer Balderton Capital led the round, and general partner Rana Yared joins TreasurySpring as a board member.
“There is a huge opportunity to radically transform cash investment for all businesses, but it remains entirely overlooked,” Yared said.
“The TreasurySpring team are true experts and have built an innovative, elegant solution to make cash investing work for all businesses, regardless of size and structure.”
TreasurySpring is a portfolio company of ETFS Capital, the owner of AltFi and ETF Stream.