Crowd Data Systems (CDS), a B2B SaaS platform based in London, which provides data-driven decision support to corporate treasury, has raised €1 million in seed funding. The financing round was led by Triple Point Ventures (which also invested in MyMynd) alongside Portfolio Ventures and a number of angel investors.
Focus on growth
Prior to this, Crowd Data Systems raised $500K in pre-seed funding. The proceeds of this round will be used by the company to prepare itself for the next phase of growth by building out sales, marketing and customer success.
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 Historically, the treasury systems market has been focused on larger companies but now outdated legacy technology and a lack of innovation are limiting its potential.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.”
What does Crowd Data Systems do?
Companies of all sizes rely on treasury management systems for cash, liquidity and financial risk management across business units and currencies. Reportedly, businesses spend over £1 billion globally on these systems each year, but the existing technology is outdated.
Founded in 2018 by serial entrepreneurs Kelly Scammell and Steve Whalley, who have a wealth of knowledge of treasury systems, CDS offers a refreshing and thoughtful product to a stagnated market. Crowd Data Systems’ entry into treasury management will free treasurers from the overhead of complex system administration, and provide a modern application suite built to surpass industry standards.
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 has created a live revenue-generating product and gained some early initial traction. To date, they have won a handful of early clients and is currently being used in 30 countries globally. The company principals have invested directly to develop the core application framework, launch VISION and establish the first round of clients.
Now, the company 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.