Kyriba has received $21 million of strategic investments from banks such as HSBC, France’s BRED Banque Populaire and Beirut-based Daher Capital which the company intends to use to develop their treasury products and accelerate growth.
The company raised this money in a Series C financing round, the third round of financing in the Venture Capital Financing cycle that represents an additional expansion stage for the company.
San Diego-based, Kyriba provides cloud-based corporate treasury software solutions that are popular with treasurers, finance executives and chief financial officers. The company help departments to track their bank accounts, manage their cash and manage their risk, ensuring that they comply with the Sarbanes-Oxley requirements.
Passed in 2002 by the U.S. Congress, the Sarbanes-Oxley Act (SOX) was put in place in order to protect people from fraud by improving the accuracy of disclosures. So, compliance with this legislation is important for team members dealing with money.
Tim Wheatcroft, director of corporate communications, says the company “have some pretty aggressive strategies, particularly in the United States.”
The donation from HSBC, the world’s second largest bank, proves that Kyriba’s products are highly recognised in the industry. Christophe Chazot, HSBC’s group head of innovation said in a recent statement from Kyriba that “cloud-based services are transforming the way corporates interact with financial services providers. An innovative and leading provider in its field, Kyriba is a strong addition to our portfolio of strategic investments.”
Wheatcroft also said that Kyriba raised $18.2 million in the second round of the Venture Capital Financing, the Series B round in 2013 which helped the company add around 300 new customers in 2014. At present, Kyriba has around 1,000 customers which are mostly global corporations with annual revenue ranging from $1 billion to $20 billion.
According to Crunchbase, the start-up ecosystem database, Kyriba has raised over $71 million since 2001.
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