On Wednesday (Sept. 27), treasury management firm Kyriba recently announced new funding, an infusion which has come in the form of growth equity.
According to news reports by Xconomy, Sumeru Equity Partners (SEP) led the $45 million growth equity round, Kyriba said, while previous backers at Bpifrance, Iris Capital, Daher Capital and HSBC also participated. But, a spokesperson for Kyriba did not say if this was a Series E round, though the company raised Series D funding last year to the tune of $23 million.
The spokesperson said the growth equity will be used to promote growth at the company and to focus on product development, the Xconomy article noted.
Kyriba has about 50,000 corporate treasurers under its belt, according to reports, providing these professionals with treasury management, payments and supply chain finance tools. Expedia and The New York Times count themselves as Kyriba customers. In March, the company said that Pimkie was the latest customer to deploy Kyriba’s supply chain financing solution to offer its own suppliers early payment discounts.
“Kyriba is the clear market leader in cloud-based treasury and financial management,” said Kyle Ryland, managing partner at SEP. “[Its] platform delivers competitive advantages that enable forward-thinking CFOs and senior financial leaders to exceed their business objectives on a global scale. Our team is excited about supporting Kyriba’s growth trajectory in this dynamic market space.”
Earlier this year, Kyriba said sales jumped 43 percent in the first half of this year compared to the same period in 2016.
The Series D round, announced last September, saw Bpifrance leading the funding with an undisclosed follow-on from Mitsubishi UFJ Capital.
“We have invested in Kyriba, [which has] built a scalable, cloud-based platform with deeply integrated bank connectivity, payments, risk management and supply chain finance,” said Mitsubishi UFJ Capital president Muneki Handa in a statement at the time. “This architecture is a key differentiator for Japanese and worldwide organizations and drives strategic advantages for organizations using Kyriba’s solution.”
The company’s chairman and CEO, Jean-Luc Robert, had similar sentiments.
“The investment from Mitsubishi UFJ Capital adds to our strong balance sheet and accelerates development in Kyriba’s finance technology solutions,” Robert added. “We will further enhance our client success services as we reinforce our market leadership in Japan.”