Cloud-based treasury management software specialist Kyriba has completed a US$21m round of Series C funding, which it says will be used for product innovation and to support global expansion.
The company added that through its strategic investments program, HSBC has joined existing investors BRED Banque Populaire, Daher Capital, Iris Capital and Upfront Ventures to support Kyriba’s planned growth.
“We are pleased to have HSBC on board as a strategic investor in Kyriba,” said Jean-Luc Robert, chairman and chief executive (CEO) of Kyriba. “This is a clear validation of our product capabilities and strategy. This investment will enable us to continue to enrich our solution and sustain our strong growth trajectory worldwide.”
“Cloud-based services are transforming the way corporates interact with financial services providers,” added Christophe Chazot, group head of innovation at HSBC. “An innovative and leading provider in its field, Kyriba is a strong addition to our portfolio of strategic investments. We look forward to exploring business opportunities with them.”
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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