TreasurySpring secures $29 million for expansion of its investment platform

TreasurySpring, a London startup that helps businesses put their cash reserves to work, has secured $29 million in its latest funding round. The amount will be used to expand its offerings, placing the startup’s value at close to $100 million.

TreasurySpring’s funding round

TreasurySpring was founded in 2017 as its three co-founders, previously in asset management and investment consulting, sought to help businesses manage their cash reserves efficiently. According to one of the co-founders and CEO, Kevin Cook, the firm has been growing steadily over the years amid increased interest in its services.

Even so, Cook notes that the recent collapse of the Silicon Valley Bank (SVB) and the resultant challenges at Credit Suisse put it “on the radar”. Indeed, one of the issues that emerged from SVB’s meltdown was the liability linked to having few bank accounts with a lot of money.

Cook stated, “When it comes to the cash you have in your business, you need to know where it is, and that you’re not too exposed. And secondly you want to maximize any return you can on that cash.. if you’re not making the most of your money, you’re being delinquent”.

TreasurySpring’s latest funding, a Series B round, was led by Balderton Capital with previous investors like MMC Ventures, Anthemis Group, and ETFS Capital participating. A new investor, Mubadala Capital was also part of the round. Prior to this funding round, the firm had raised $13 million.

The company’s customers range from startups to FTSE 100 firms. This includes Lendable, Tide, Sainsbury’s, and Schroders. So far, about 250 companies are already using this platform while another 100 are getting onboard. It has 600 cash investment products within three key categories; banks, governments, and corporates.