TreasurySpring, the London-based financial technology company today announced the closing of its latest capital raise, securing £2m of investment in a round that was led by ETFS Capital, with participation from MMC Ventures and existing investors.
The round was more than three times oversubscribed and the company has now raised more than £3.5m since its first external capital injection in November 2017.
TreasurySpring was voted one of the top 3 fintech startups in Europe at the prestigious Money20/20 conference in June 2019, before publicly launching its digital Fixed-Term Fund (FTF) portal in July, following a year of rigorous beta testing. It has already issued more than $600m of FTFs to clients from multiple sectors.
The firm was co-founded in 2016 by long-term business partners Kevin Cook (CEO), Matthew Longhurst (COO) and James Skillen (CTO) to unlock the multi-trillion dollar wholesale money markets by providing new digital pipelines to connect cash-rich firms to institutional borrowers from the sovereign, bank and corporate sectors.
FTFs enable all holders of large cash balances, from corporates to charities, private funds to insurance companies, family offices to private banks and beyond, to reduce and diversify risk on those balances, whilst simultaneously increasing returns. For investment-grade firms seeking financing, TreasurySpring’s FTF platform provides flexible, low-cost access to a diverse universe of new short-term funding sources.
Proceeds from the financing round will be invested in the development of the platform’s core technology and the expansion of TreasurySpring’s sales, technology and operations teams to meet the growing demand for FTFs.
Graham Tuckwell, Chairman, ETFS Capital said: “We see many analogies between what TreasurySpring is building in the cash management space and the very successful business that we built over the last 15 years in the exchange-traded products market. They have developed a simple, unique and powerful way to offer access to a huge, desirable segment of the market that is currently unavailable to most institutions. We are delighted to have this opportunity to invest, as well as to increase our use of the platform. The ETFS Capital team is looking forward to supporting the team with more than just capital as they continue to grow their business.”
Kevin Cook, Co-founder and CEO, TreasurySpring, said: “We are thrilled to welcome our new investors ETFS Capital and MMC Ventures. Their capital injections, together with the funds that we have raised from more than 40 senior financial markets professionals over the last two years, put us in a really strong position to accelerate our growth by further building our team, our public presence and our product offering. We are grateful for the financial and non-financial support from all of our investors and we are excited about what we can achieve with the proceeds of this funding round over the next couple of years.”
Alex Schmid, Managing Partner, ESO Capital, added: “We were the first external investor in TreasurySpring because we saw the huge opportunity that Kevin and the team had identified and strongly believed in their ability to deliver on their vision. Over the last two years they have achieved everything that they set out to do and more, so we were very comfortable following on from our initial investment for a second time. As a client of the platform, we have seen first-hand the value that it can bring in reducing the risk and simultaneously increasing the returns that we earn on our surplus cash.”
Media contacts: TreasurySpring
Sarah Duranni, Holly Finn
Tel: +44 20 7959 2235
TreasurySpring is a financial technology company that is unlocking multi-trillion dollar short-term funding markets. Our Fixed-Term Fund (FTF) platform delivers new digital pipelines to connect cash rich firms to institutional borrowers from the sovereign, bank and corporate sectors.
Built on enterprise-grade infrastructure, FTFs bring the power of the largest, most sophisticated treasury departments to all firms holding material cash balances, for the first time.
Driven by client demand to reduce and diversify risk in cash holdings without compromising returns, we have taken established concepts and structures and re-purposed them to create a new, regulated and standardised platform.
Designed for all holders of large cash balances, from corporates to charities, private funds to insurance companies, family offices to private banks and beyond, FTFs provide transparent, single-name, fixed-term access to government, secured bank and corporate assets, through a simple digital platform that requires no additional infrastructure or cost. Our executive team has worked together in fixed income since 2006, in the hedge fund, asset management, consultancy and technology sectors, and we have advised on over $30bn of cash management assets for some of the world’s leading hedge funds and corporations. For more information, please visit TreasurySpring.com, follow us on Twitter @TreasurySpring or visit our LinkedIn page.
About ETFS Capital
ETFS Capital is an investment company working across the global investment ecosphere with a focus on ETFs. Created by ETF industry veterans and chaired by Graham Tuckwell, an ETF industry pioneer and founder of ETF Securities. In 2018 ETF Securities sold its European and North American issuance businesses to WisdomTree, Legal & General Investment Management and Aberdeen Standard and became ETFS Capital. Today, our purpose is to identify and empower the innovation-led companies driving change, often technology-enabled, and help then become tomorrow’s leaders. www.etfscapital.com
About MMC Ventures MMC Ventures is a research-led venture capital firm that has been backing high-growth technology companies since 2000.
MMC’s dedicated research function provides the Firm with a deep and differentiated understanding of emerging technologies and sector dynamics, to identify attractive investment opportunities. MMC’s research team also supports early stage companies through the life of MMC’s investment.
MMC helps to catalyse the growth of enterprise software and consumer internet companies that have the potential to disrupt large markets. The Firm has one of the largest software-as-a-service (SaaS) portfolios in Europe, with recent exits including CloudSense, Invenias and NewVoiceMedia.
MMC’s dynamic consumer portfolio includes several of the UK’s favourite companies, including Bloom & Wild, Gousto and Interactive Investor.