TreasurySpring has successfully raised £23 million in Series B funding and is now focusing on expanding its presence globally. The London-based FinTech platform aims to provide access to cash investment opportunities for smaller companies that are traditionally only available to large financial institutions. With over 600 standardized cash investment products across multiple currencies and categories, businesses can purchase fixed-term funds ranging from one week to 13 months.
Notable clients of TreasurySpring include Schroders, Muller, Hg, Bunq, Lendable, Sainsbury’s Bank, Glovo, YuLife, and Tide. The company has experienced significant growth, with platform claims increasing more than sevenfold in the past year. The total issuance on the platform currently exceeds $50 billion. This success has driven TreasurySpring, founded by CEO Kevin Cook, COO Matthew Longhurst, and CTO James Skillen, to pursue expansion into new markets.
The recent funding round for TreasurySpring was led by Balderton Capital, with participation from Mubadala Capital and previous investors ETFS Capital, MMC Ventures, and Anthemis Group.
According to Kevin Cook, “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 five years and are very well-placed to capitalize 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 board member of TreasurySpring, expressed their belief in the potential of transforming cash investment for businesses regardless of their size and structure. They praised the TreasurySpring team for their expertise and innovative solution in making cash investing work for all businesses.