Netherlands-based TreasurUp, a treasury platform for small and mid-caps corporates, has raised an undisclosed amount of funding in its series A round. Rabobank’s TreasurUp venture will spin-off through this series A funding round together with Australian listed cross border payments specialist OFX, whilst Rabobank will remain as a shareholder.
OFX, Rabobank, TreasurUp management, and engineering partner COERA invest in spin-off structure.
Niels van Daatselaar, CEO & co-founder of TreasurUp says, “We are very proud to have OFX and Rabobank as major investors. OFX offers cross border payment solutions around the world. Their products, their platform, their service excellence, and their global presence will help boost TreasurUp’s ambitions. Likewise, we will continue to closely work with Rabobank in optimising its service offering to business clients.”
Online treasury, reinvented
Founded by Niels van Daatselaar (CEO), Marien van Baren (CTO), and Arjan de Bruijn (COO), TreasurUp originates from a Moonshot innovation campaign of Rabobank. The company claims to develop new ways of online foreign exchange hedging including fully automated workflows and connections with a company’s bookkeeping platform. Besides, TreasurUp is now working on developing new modules like liquidity management, cash flow forecasting, and target balancing.
Currently, the company provides white labeled online treasury services to 6,000 customers of 7 international banks including Sparkassen-Finanzgruppe, Landesbank Baden-Württemberg, Rabobank, Nordea, Société Générale, KBC Bank, and OP Financial Group.
Aim of the fundraise
According to TreasurUp, the spin-off allows it to accelerate as an online treasury service provider for banks.
Niels van Daatselaar, CEO & co-founder of TreasurUp, explains, “Banks around the world are challenged with new business models and technology for small and medium-sized corporate clients. TreasurUp aims to bring them back into the competitive arena with online services that are completely designed around SMEs.”
“In order to do so, TreasurUp will expand its unique online foreign exchange hedging module but also develop new modules like liquidity management and cash flow forecasting. As a company, TreasurUp can be much more competitive than under the umbrella of a bank,” adds Daatselaar.
And, in the coming years TreasurUp aims to focus on expansion outside Europe and the development of new treasury modules and services for banks.
A brief about the investors as major shareholders
OFX was founded in 1998, and is a cross-border payments specialist, with eight offices across the world, and more than 400 staff. In its latest financial year, the firm supported over $25B (Australian Dollars) of payments. It offers money transfers and FX risk management for consumer, corporate, and enterprise clients across more than 50 different currencies.
Skander Malcolm, CEO of OFX says, “We believe OFX and TreasurUp have a lot of potential in helping clients around the world with superior risk management, payments, and reporting solutions. We are excited to start leveraging each other’s strengths in the areas of digital service delivery, risk management, and global coverage for SMEs, especially mid-sized Corporates.”
Whereas, Utrecht-based Rabobank Group is an international financial services provider. It offers retail banking, wholesale banking, private banking, leasing, and real estate services. As a cooperative bank, Rabobank is committed to being a customer-focused cooperative bank in the Netherlands and a food and agri bank worldwide. Currently, it is active in 38 countries, and as of 31st December 2020, Rabobank employed 43,272 people.