Rabobank is spinning off its TreasurUp venture through a series A funding round together with Australian listed cross border payments specialist OFX.
Rabobank will remain as shareholder, while management and TreasurUp's engineering partner Coera will co-invest.
A graduate of Rabobank's Moonshot innovation campaign, TreasurUp provides white labeled online treasury services to 6000 customers of seven international banks.
The firm has developed ways of online foreign exchange hedging including fully automated workflows and connections with a company's bookkeeping platform. It is also developing new modules like liquidity management, cash flow forecasting and target balancing.
Once spun off, TreasurUp will focus on expansion outside Europe and the development of new treasury modules and services for banks.
Niels van Daatselaar, CEO, TreasurUp, says: "Banks around the world are challenged with new business models and technology for small and medium-sized corporate clients. TreasurUp aims to bring them back into the competitive arena with online services that are completely designed around SMEs.
"In order to do so, TreasurUp will expand its unique online foreign exchange hedging module but also develop new modules like liquidity management and cash flow forecasting. As a company TreasurUp can be much more competitive than under the umbrella of a bank."
Roland van der Vorst, head, innovation, Rabobank (wholesale and rural), adds: "TreasurUp has proven its added value for our clients and beyond, now paving the way to team up with OFX in order to boost innovation and expansion."