Rabobank Spins Off TreasurUp

Rabobank’s TreasurUp venture will be spun off through a series A funding round with Australia’s payments firm OFX.

Rabo will remain a shareholder of the firm, which has historically provided foreign exchange hedging services to SMEs, but plans to expand its offering.

“Banks around the world are challenged with new business models and technology for small and medium-sized corporate clients,” says Niels van Daatselaar, CEO and co-founder of TreasurUp. “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 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.”