The platform enables corporate treasurers managing a company’s liquidity, funding, capital and allocation of financial resources to work more quickly and efficiently in alignment with their firm’s overall strategy.
London, 25th, 2022: Crowd Data Systems (CDS), a B2B SaaS platform providing data-driven decision support to corporate treasury, has secured an €1M seed round led by Triple Point Ventures, alongside Portfolio Ventures and a number of angel investors. This investment will enable the business to build out sales, marketing and customer success in order to meet its next phase of growth.
UK-based CDS seamlessly connects treasury services through APIs and open banking to allow treasurers to take on a more strategic role. Back in 2019, almost 50% of all respondents to a Deloitte survey of global corporate treasuries stated that they had inadequate technology to support their operations. While traditional solutions are antiquated enterprise fintech systems, CDS offers a platform that takes the pressure off corporate treasury teams by automating manual processes, freeing them up to add real value without increasing technical administration and overhead.
CDS was co-founded by serial entrepreneurs Kelly Scammell and Steve Whalley, both of whom have successfully founded and exited businesses in the treasury management space. Together, they have built a cloud-based platform from the ground up to offer a continuously updated, integrated service which enables greater collaboration and improves efficiency and control over the corporate treasury management process. Users benefit from global master data and reporting, which are synced across all clients, while each team remains in control of their own data.
The company now services more than 90 businesses operating across 32 different countries. Notable users include Flight Centre, one of the top 10 travel companies globally; FTSE 250 automotive engineering company TI Fluid Systems; and New Zealand-based treasury outsourcing company ETOS.
Kelly Scammell, CEO, Crowd Data Systems, said: “We are excited to embark on the next stage of our journey with new funding. With this financial backing, we can expand our operations, build awareness about our product and develop new opportunities. Genuine evolution within this sector is long overdue. Historically, the treasury systems market has been focused on larger companies but now outdated legacy technology and a lack of innovation are limiting its potential. CDS is revolutionising the industry to remove technical complexity which will enable us to bring the benefits of modern treasury apps to a wider global market facing similar issues.”
Seb Wallace, Investment Director, Triple Point Ventures, said: “CDS has created a fundamentally different approach to corporate treasury, disrupting legacy systems which take a significant amount of time and resources to run. Kelly and Steve are accomplished founders with deep sector expertise and the team has built a platform which offers data-driven insights and frees up corporate treasurers to create value rather than being bogged down by manual processes. This solution has huge scaling potential and we’re looking forward to supporting CDS in this next exciting stage of growth.”