TreasuryXpress, an on-demand treasury management solutions provider, has closed a Series B investment of US$5 million from an investor consortium that includes Middle East Venture Partners (MEVP), iSME Capital, The Luxury Fund, and others. With a team of just over 50 employees across five offices globally -Dubai, Paris, Beirut, London, New York, and Dallas- TreasuryXpress operates with a “vision to make financial technology accessible to companies of all sizes,” counting connectivity to more than 10,000 bank accounts worldwide, and says it processes $8 billion in payments per year and manages more than 50 million transactions in their data warehouse. The company says its prior rounds of funding from MEVP in 2008 and 2015 were utilized towards product innovation, helping them launch their on-demand Treasury Management Systems (TMS).
“TMS, whether cloud-based or on-premise have been stagnant from an innovation perspective for years,” says Anis Rahal, founder and CEO of TreasuryXpress. “This latest round of fundraising is our Series B, third round of funding, and we plan on using the capital to continue to advance the development of our frictionless technology experience to clients, while investing the rest in sales and marketing to further penetrate the underserved middle market in the Americas and the UK.” While Rahal has his origins in the MENA region, TreasuryXpress too counts several regional clients among its portfolio, along with technology, support teams, and a local sales presence in the region.
Owing to their long-term business relationship with MEVP, Rahal counts the investor group as “a great partner,” which has helped them in showcasing their product’s potential to other investors and partners, besides investing themselves. “This show of confidence and demonstration of TreasuryXpress’ potential was critical to securing this round of funding,” he adds. As for MEVP’s view on their portfolio startup, Walid Mansour, Partner and Chief Investment Officer, MEVP, says, “We have worked with TreasuryXpress for six years and we have witnessed the company’s growth and scalability over this period. Their double-digit growth figures are very promising and their business model makes a tremendous impact on the efficiency of treasury management- their services are needed in all industries and we recognize the potential for further expansion.” He also lauds the startup’s ability to serve clients across the globe, and considers it their differentiator.
As a former treasury professional in a Fortune 500 company, Rahal started TreasuryXpress to simplify the daily treasury tasks with the use of technology. According to the entrepreneur, TreasuryXpress’ product not only integrates easily with other third party technologies, but can also “enhance the experience and fill functional gaps of core enterprise platforms” used by client entities. As for the execution, it’s safe to say that TreasuryXpress has got a winning business model on its side with the company reporting “a 96% growth this year alone, and our go-live track record of improving implementations for clients by over 300% against the industry average.”
Related: Partnering For A New Future: Fintech In the MENA Region