Kyriba Raises $21M to Expand Treasury Management Software
San Diego-based Kyriba, a cloud-based provider of corporate treasury management software, raised $21 million in a Series C financing round that includes a strategic investment by HSBC, the U.K. multinational financial services company that ranks as the world’s second-biggest bank.
Existing investors that also participated in the round include France’s BRED Banque Populaire, Beirut-based Daher Capital, Paris-based Iris Capital, and Los Angeles-based Upfront Ventures.
Chief Financial Officers, Treasurers and finance executives at multinational corporations use Kyriba’s software to optimize their daily cash management, manage their risk (including compliance with Sarbanes-Oxley requirements), and track bank accounts and investments.
The company intends to use the funding to accelerate its growth and product development, spokesman Tim Wheatcroft said yesterday. “We have some pretty aggressive strategies, particularly in the United States,” he said.
“Cloud-based services are transforming the way corporates interact with financial services providers,” Christophe Chazot, HSBC’s group head of innovation, said in a recent statement from Kyriba. “An innovative and leading provider in its field, Kyriba is a strong addition to our portfolio of strategic investments.”
Kyriba raised $18.2 million in a Series B round in 2013, which helped the company add 300 new customers worldwide through 2014, Wheatcroft said. Kyriba now has about 1,000 customers, which are mostly global corporations with annual revenue that ranges from $1 billion to $20 billion.
Kyriba was spun off from the French financial software supplier XRT in 2000, and moved its headquarters to San Diego in 2003, when Jean-Luc Robert became CEO. The company has more than 300 employees worldwide, and anticipates the number will grow significantly over the coming year, Wheatcroft said.
Including the latest round, Kyriba has raised more than $71 million since 2001, according to CrunchBase.