Global Fintech Startup TreasuryXpress Closes US$5 Million Funding From MEVP And Others
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.
Sindhu Hariharan is the Features Editor at Entrepreneur Middle East. She is a financial consultant turned business journalist with a FOMO when it comes to everything technology.