TreasurySpring raises $29 million led by Balderton Capital to transform the future of cash investment for business
TreasurySpring – the first-of-its-kind investment platform helping firms of all sizes unlock and protect the true value of their cash assets – has raised $29 million in Series B funding led by Balderton Capital. Mubadala Capital also participated in the round, alongside previous investors ETFS Capital, MMC Ventures and Anthemis Group.
Founded in 2017, TreasurySpring addresses the growing need for companies of all sizes to diversify their cash deposits, access high-quality investments and minimise their banking risk. This challenge is especially urgent in the wake of rising interest rates and with the dangers of unsecured deposits having been brought into sharp focus by the recent collapses of SVB and Credit Suisse. Thanks to its seamless, secure solution, demand for the TreasurySpring platform has accelerated, with over 100 clients currently in the onboarding process, adding to the 250+ institutional clients that are already signed up.
TreasurySpring’s intuitive solution makes it easy for companies – from FTSE 100 corporations and leading multinationals to Series A startups, scale-ups and private charities – to place cash assets in a secure and flexible platform. Designed to help companies maximise returns whilst minimising risk, the platform gives access to investment capabilities and diversification that have historically been reserved for the world’s largest financial institutions.
The expertise to transform an unloved area of finance
TreasurySpring is tapping into the vastly underserved cash market, a multi-trillion dollar industry which has to date been ignored by the fintech boom. This is, in part, due to the complexity, barriers to entry and lack of knowledge about money markets and their potential. The TreasurySpring founding team, Kevin Cook (CEO), Matthew Longhurst (COO) and James Skillen (CTO), with their decades of experience built up across hedge funds, asset management and investment consulting, have the skills and vision to transform this sector for the better.
Currently, companies typically keep cash in bank deposits which are only secure up to a maximum of £85,000 in the UK and $250,000 in the US, with only the largest corporations and banks having the teams, expertise and infrastructure necessary to access a better, broader range of cash investment options. TreasurySpring is changing this: through the platform companies of all sizes can quickly gain access to over 600 standardised cash investment products, across seven different currencies and three categories: governments, corporates and banks such as Goldman Sachs, Barclays and Societe Generale. The platform’s Fixed-Term- Funds (FTFs) provide standardised, regulated, access to an ever-expanding universe of cash- investment options, ensuring flexibility, safety and diversification for clients.
The fintech has built the infrastructure to enable companies to buy the FTFs that suit their preference, from one week up to 13 months, enjoying the benefits of their money working for them in low-risk cash investment products across banking, government and corporate sectors.Its clients range from FTSE 100 corporations, leading multinationals, tech companies, and fund managers, to charities and family offices. Clients include Schroders, Muller, Hg, Bunq, Lendable, Sainsbur’s Bank, Glovo, YuLife and Tide. There has been such demand for its services that TreasurySpring grew more than 7x in the last 12 months and total issuance through its platform now stands at more than $50bn.
Offering the power of large-scale treasury management to any company
TreasurySpring is on a mission to offer the power of large-scale treasury management to all businesses. The $29 million Series B, which brings the total raised to $42 million, will be used to invest in TreasurySpring’s product, sales, marketing and tech teams with plans to grow its headcount by 50% in the next 12 months, further develop its products and services, and accelerate international expansion.
Kevin Cook, co-founder and CEO at TreasurySpring, said, “For too long, the importance of cash has been overlooked by many operating businesses and investors alike. 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. We have been growing the business rapidly for the last 5 years and are very well-placed to capitalise on current market dynamics. We’re delighted that Balderton is leading our Series B round – they understand our world deeply and have all of the experience necessary to support us on our journey to becoming a global leader in institutional cash investment.”
Rana Yared, General Partner at Balderton Capital and TreasurySpring board member, said, “There is a huge opportunity to radically transform cash investment for all businesses, but it remains entirely overlooked. 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.”
Rob Moffat, Partner at Balderton Capital added, “The TreasurySpring platform is a game-changer for so many businesses. We’re delighted to be backing the team in this round and look forward to supporting them in this next chapter.”
