18 May 2021
Rabobank and OFX invest in spin-off venture: TreasurUp
Rabobank's TreasurUp venture will spin-off through a series A funding round together with Australian listed cross border payments specialist OFX whilst Rabobank will remain as shareholder. Next to these major shareholders, management and TreasurUp's engineering partner COERA will co-invest.
The spin-off allows TreasurUp to accelerate as an online treasury service provider for banks.
“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.” says Niels van Daatselaar, CEO and co-founder. “We are very proud to have OFX and Rabobank as major investors. OFX offers cross border payment solutions around the world. Their products, their platform, their service excellence, and their global presence will help boost TreasurUp’s ambitions. Likewise, we will continue to closely work with Rabobank in optimizing its service offering to business clients.”
Skander Malcolm, CEO of OFX said: “OFX is delighted to announce its first strategic investment. We believe OFX and TreasurUp have a lot of potential in helping clients around the world with superior risk management, payments, and reporting solutions. We are excited to start leveraging each other’s strengths in the areas of digital service delivery, risk management, and global coverage for SMEs, especially mid-sized Corporates. TreasurUp has a strong team, a good track record and thought leadership in automating and simplifying risk management, and we have very aligned views on how we can better support clients through simplifying and improving their risk management.”
The Head of Innovation of Rabobank (Wholesale & Rural), Roland van der Vorst adds: “We are excited to announce this successful spin-off that started as innovation project within Rabobank in 2016. 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. We treasure the cooperation with TreasurUp on innovative solutions for our clients.”
In the coming years TreasurUp will focus on expansion outside Europe and the development of new treasury modules and services for banks. OFX is excited to support TreasurUp to offer banks both a state-of-art front-end and a proven platform for cross border payments and risk management.
TreasurUp originates from a Moonshot innovation campaign of Rabobank. It provides white labeled online treasury services to 6,000 customers of 7 international banks: Sparkassen-Finanzgruppe, Landesbank Baden-Württemberg, Rabobank, Nordea, Société Générale, KBC Bank and OP Financial Group. TreasurUp has developed new ways of online foreign exchange hedging including fully automated workflows and connections with a company’s bookkeeping platform. Now, TreasurUp is developing new modules like liquidity management, cash flow forecasting and target balancing. In February 2021 TreasurUp won the Global Finance award for the World’s Best New Treasury Technology 2021.
Founded in 1998, OFX is a listed (ASX: ‘OFX’) cross border payments specialist, with eight offices across the world, and more than 400 staff. In its latest financial year ended 31 March 2021 it supported over AUD25B of payments. It offers money transfers and FX risk management for Consumer, Corporate, and Enterprise clients across 50+ different currencies. Through its ‘human + digital’ business model, OFX provides 24/7 client support to complement its global digital platform.
About Rabobank Group
Rabobank is an international financial services provider operating on the basis of cooperative principles. It offers retail banking, wholesale banking, private banking, leasing and real estate services. As a cooperative bank, Rabobank puts customers’ interests first in its services. Rabobank is committed to being a leading customer-focused cooperative bank in the Netherlands and a leading food and agri bank worldwide. Rabobank employed 43,272 per 31 December 2020. Rabobank Group is active in 38 countries.
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