London-based Crowd Data Systems (CDS) has raised €1m (£856,000) for its corporate treasury software platform aimed at modernising corporate finance management.
CDS connects treasury services using APIs and open banking. Its cloud-based software is used by corporate treasurers who are responsible for managing a firm’s liquidity, funding and capital.
The B2B platform automates manual processes in a bid to free up financial officers to focus on other tasks.
The seed investment, led by Triple Point Ventures, will be used by CDS for hiring in sales and customer success, marketing and conference exhibitions.
CDS told UKTN that it plans to “establish a ‘challenger’ position in FTSE250 and similar sized treasuries headquartered across the UK and Europe, whilst expanding support for treasuries based in APAC and US”.
Co-founded by Kelly Scammell and Steve Whalley in 2018, CDS has raised a total of £1.5m to date.
The company told UKTN that it expects to raise a Series A round in the second half of 2023.
“Genuine evolution within this sector is long overdue. Historically, the treasury systems market has been focused on larger companies but now outdated legacy technology and a lack of innovation are limiting its potential,” said Kelly Scammell, CEO, Crowd Data Systems.
CDS’ users include travel company Flight Centre, FTSE 250 company TI Fluid Systems and New Zealand treasury outsourcing company ETOS.
Capital was also contributed by Portfolio Ventures and a group of angel investors.
“Kelly and Steve are accomplished founders with deep sector expertise and the team has built a platform which offers data-driven insights and frees up corporate treasurers to create value rather than being bogged down by manual processes,” said Seb Wallace, investment director, Triple Point Ventures.