IBSFINtech, a Bengaluru-based startup focussed on treasury, risk & trade finance management, has raised $1 million in pre-series A round from a group of high networth individuals (HNIs).
IBSFINtech said it will use this latest round of capital to launch its SaaS treasury management solution in the domestic market as well as look at expanding its global footprint.
On the funding received, CM Grover, CEO, IBSFINtech, said,
“This funding provides the necessary impetus to expand our playing field with our newly launched SaaS TMS. It will accelerate our global growth plans and bolster technology to deliver the most comprehensive, decision-making platform for business leaders across industries.”
IBSFINtech Founders C M Grover (L) and TM Manjunath
He further noted that the vision of IBSFINtech is to make treasury automation solutions accessible to all kinds of enterprises.
Founded by former bankers, the startup believes there is a large market opportunity in the segment they are focussed on as many businesses still perform this complex function using spreadsheets and there is little application of technology. It also noted that the ongoing pandemic has led to increased digitisation and the need for end-to-end treasury automation solution.
According to IBSFINtech, its solution enables CXOs and treasurers to strengthen the treasury and trade finance function of corporates by enhancing visibility, improving control, mitigate operational risk, drive automation and optimize business efficiency.
N Jayakumar, MD Prime Securities, the investment banker for this transaction, noted,
“Market research shows the CXOs are still dependent on non-system driven reports for managing large treasury flows. There has been a constant shift towards system driven decision making. IBSFINtech, through its SaaS and on-premises modules, is well positioned to provide secured, end-to-end, integrated, seamless, automated experience of corporate treasury operations.”
IBSFINtech also entered into a partnership with Refinitiv, formerly known as Thomson Reuters, for one of its SaaS product with focus on the mid and emerging enterprises in India.