Interview for Qorus

TreasurUp is taking steps toward an innovative future that does not go unnoticed. 

The interview features an interview with Niels van Daatselaar, CEO of TreasurUp, a major renewer in online Commercial Banking. In this interview with Quorus, you can read about our new modules and how it all started. We also share our plans for the future. Enjoy!


What led to the creation of TreasurUp?

TreasurUp has originated from an innovation campaign at Rabobank, called Moonshots. The three founders participated in this large campaign that counted 163 teams in Dec 2015 and were awarded one of three places in its incubator programme in January 2016.


Entrepreneurs and innovation consultants guided the founders – which had submitted an idea of peer-to-peer foreign exchange (FX) hedging and lending – in extensive validations. During these validations with companies ranging from EUR 10-500m annual turnover size, it turned out that pricing was not their main worry. Most of them no longer wanted to report losses or mistakes on FX hedging. They also wanted to reduce the time spent on it. As a controller, treasurer or finance manager FX hedging cannot really provide upside. 

If positions are properly hedged, then they are properly hedged. The main worry for them was sheer downside: if positions turned out to be not properly hedged, management would always look at them. So the founders decided to make a so-called pivot (turnaround) and started to experiment with solutions to hedge FX exposures automatically according to certain rules. That started to appeal to many Commercial Banking clients of Rabobank which allowed the team to convert the prototypes into a real working solution in 2017. ‘EasyTrade’ was born. 

The next step was to think about a business model for EasyTrade. After long considerations, the founders decided to start offering this new hedging front-end that was built with latest technology in the cloud to banks. That turned out to be a major step. OP Bank in Finland was its first external bank client. TreasurUp is keen on helping banks to offer the best Commercial Banking experience and for that multiple products should be offered with cross-journeys that reflect the way most companies/corporate treasurers work. As the company grew beyond FX, it needed to get rid of the word Trade in its brand. In 2019 the name was changed to TreasurUp.

TreasurUp's solutions in online Commercial Banking

Could you present TreasurUp’s offer?

TreasurUp supports Commercial Banking departments in upgrading their online offering. It currently offers two modules: Foreign Exchange hedging (FX) and Cash Visibility & Forecasting (CVF). These modules are offered white-labeled – with the bank’s color scheme, fonts and logo – to banks around the world, multi-channel: so Web, Mobile, APIs but also people. 

TreasurUp has learned that the ultimate Commercial Banking experience for company clients entails a good mix of Web for office work, mobile for workflow, anytime/anywhere transactions and management information, APIs for the new generation of treasurers that require automation and people: bankers that know about their online offering and who are able to improve the offering by interacting with their clients and TreasurUp. As each bank has its own characteristics and regional legislations, the solutions are always tailored to the bank’s needs and subsequently bankers are being trained; not only technically but also commercially.

What’s coming next for TreasurUp?

TreasurUp is now investigating new modules like single-invoice trade credit insurance, commodities hedging, supply chain and trade finance. With each new module it aims to re-invent the online proposition through which banks can become more competitive.

TreasurUp's connection center for banks

It will also launch the Connection Center with which a bank’s company client can connect its cloud based or on-premise ERP (bookkeeping) platform in a couple of minutes allowing for further automation of the treasury processes. 

The company is currently working on cross-module journeys like cross border payments (single and batch payments with live FX rates and the option to draw down from existing hedges) and FX target balancing.

Learn more about TreasurUp's solutions

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