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London-based fintech Treasuryspring has bagged $29m (£23m) in a new funding round as the cash investment platform looks to increase its headcount and expand overseas.
The company said today that it secured the investment in a Series B funding round led by British venture capital firm Balderton Capital, bringing the total amount the company has raised to $42m.
Abu Dhabi sovereign fund Mubadala Capital also participated in the funding round, alongside previous investors ETFS Capital, MMC Ventures and Anthemis Group, the company said.
Treasuryspring, which was founded in 2017, said in a statement that the new funding will be used to invest in the firm’s “product, sales, marketing and tech teams, with plans to grow its headcount by 50 per cent in the next 12 months, further develop its products and services, and accelerate international expansion.
Kevin Cook, co-founder and CEO at Treasuryspring, said he was “delighted” that Balderton led the latest round, who are also backers of Gocardless and Revolut.
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,” Cook said.
Rana Yared, a general partner at Balderton Capital and a Treasuryspring board member, said: “There is a huge opportunity to radically transform cash investment for all businesses, but it remains entirely overlooked.”