Kyriba, a provider of Web-based cash and treasury management systems, has raised $7 million in a funding round with its current shareholders and new investor, Coface.
Founded in 2000 and headquartered in San Diego and Paris, Kyriba delivers cash and treasury management applications under a "software as a service" model.
Existing shareholders GRP and Bred Banque Populaire participated in the group's latest funding round along with Paris-based credit insurance firm Coface.
Jean-Luc Robert, CEO, Kyriba, says adding Coface as a strategic investor and to the board of directors "will bring many synergies to Kyriba".
"Coface facilitates trade receivables financing which is a very hot topic during the current credit crisis and an important part for an efficient cash management. Coface, by its global presence, will greatly facilitate our international expansion," adds Robert.
Kyriba says it will use the funds to accelerate growth and client acquisition efforts in North America, Europe and Asia-Pacific.