Rabobank, a Dutch multinational banking and financial services group, has reportedly decided to spin off its TreasurUp initiative via a Series A round with assistance from Australia’s cross-border payments Fintech OFX.
Rabobank will still be a shareholder in TreasurUp, while management and TreasurUp’s engineering partner Coera have decided to co-invest.
TreasurUp, which is a graduate of Rabobank’s Moonshot innovation campaign, offers white labeled online treasury services to around 6,000 clients of seven global banks.
The company has implemented different ways of online foreign exchange hedging such as fully automated workflows and connections with a firm’s bookkeeping platform. It is also focused on creating modules for effective liquidity management, cash flow forecasting and target balancing.
After it has been set up as an independent entity, TreasurUp will be focusing on expanding its operations outside of Europe and also on the implementation of various treasury modules and services for banking institutions.
Niels van Daatselaar, CEO at TreasurUp, stated:
“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.”
Roland van der Vorst, Head, Innovation, Rabobank (wholesale and rural), remarked:
“TreasurUp has proven its added value for our clients and beyond, now paving the way to team up with OFX in order to boost innovation and expansion.”
As covered last month, ABN Amro and Rabobank in the Netherlands are working with technology that helps combat financial crime, but maintains client privacy.
As reported, global agriculture supply chains Cargill & Agrocorp is collaborating with Rabobank to complete cross-continent commodity transactions of wheat on a blockchain platform provided by dltledgers.
In February 2020, Rabobank spinned off its Fintech startup Sure Pay, as it was preparing to establish operations in the United Kingdom.
