UK capital markets fintech TreasurySpring has raised £15m in Series B funding from investors including Balderton and Black Lion, Sifted has learnt.
Existing investors ETFS Capital, Anthemis and MMC Ventures also participated in the round, according to company filings.
Last month Balderton partner Rana Yared joined the company’s board too, according to company filings.
The latest funding round brings the total raised to date by TreasurySpring to around $30m. It last raised $10m in a June 2021 Series A.
TreasurySpring is targeting a complex problem in capital markets with what it calls a Fixed-Term Fund (FTF) platform. It’s targeting holders of large cash balances — which can range from charities to FTSE 100-listed companies to VC firms — that want to do more with that cash than hold it in unsecured bank deposits.
Its platform allows these companies to diversify their risk by making short-dated (from one week to one year) cash investments, like single secured bank loans or single investment-grade corporate loans.
It also enables financial institutions to invest cash in banks in a way that meets complex regulatory requirements.
These are all problems that Yared told Sifted she was on the lookout for fintechs to solve earlier this year.
“I'm particularly interested in companies that are trying to solve the most pressing problems of capital markets,” she said. “Efficient capital management, cost-effective servicing of products to non-institutional clients (like retirement or alternatives), and bulky workflows on archaic systems.”
According to its website, Treasury Spring’s clients range from insurance company Atrium and electronics company TomTom to tech companies Glovo and Tide.
TreasurySpring’s cofounders, CEO Kevin Cook, CTO James Skillen and COO Matthew Longhurst, previously started investment consultancy firm Autumn Partners together from 2009-13, before all moving to asset management firm AgFe as partners.
Balderton declined to comment on the investment. TreasurySpring did not respond to requests for comment.