UK-based treasury solutions start-up e-portals has secured an initial cash injection of £500,000 from Strathdon Investments.
e-portals has been established by financial technology veteran Hal Hovland, Ian Chester and Mario Rosi, to develop Web-based treasury services using Microsoft's .Net framework. Its core family of products are designed to provide low cost, easily accessible global treasury functions - such as derivative pricing and global risk monitoring - to banks and financial institutions.
The additional financing will be used to further refine the company's product suite, x-Treasury.NET, and develop pure Web applications that solve long-standing treasury problems, such as global risk monitoring, at low cost and low risk - regardless of institutional size, says e-portals CEO Hovland.
"x-Treasury.NET will provide increased functionality for large institutions who currently deliver global-networked, multi-function treasury systems; whilst also opening the door for smaller institutions to provide the same range of services - a facility previously unavailable to them due to the prohibitive cost of traditional solutions," says Hovland.
David Tebbs, chairman of Strathdon Investments, comments: “This investment in e-portals is squarely within our focus; the company’s products are expected to provide real commercial benefits to both banks and corporates and has a large world wide market.”