Kyriba Raises $21M to Expand Treasury Management Software

Global Financial Technology

San Diego-based Kyriba, a cloud-based provider of corporate treasury management software, raised $21 million in a Series C financing round that includes a strategic investment by HSBC, the U.K. multinational financial services company that ranks as the world’s second-biggest bank.

Existing investors that also participated in the round include France’s BRED Banque Populaire, Beirut-based Daher Capital, Paris-based Iris Capital, and Los Angeles-based Upfront Ventures.

Chief Financial Officers, Treasurers and finance executives at multinational corporations use Kyriba’s software to optimize their daily cash management, manage their risk (including compliance with Sarbanes-Oxley requirements), and track bank accounts and investments.

The company intends to use the funding to accelerate its growth and product development, spokesman Tim Wheatcroft said yesterday. “We have some pretty aggressive strategies, particularly in the United States,” he said.

“Cloud-based services are transforming the way corporates interact with financial services providers,” Christophe Chazot, HSBC’s group head of innovation, said in a recent statement from Kyriba. “An innovative and leading provider in its field, Kyriba is a strong addition to our portfolio of strategic investments.”

Kyriba raised $18.2 million in a Series B round in 2013, which helped the company add 300 new customers worldwide through 2014, Wheatcroft said. Kyriba now has about 1,000 customers, which are mostly global corporations with annual revenue that ranges from $1 billion to $20 billion.

Kyriba was spun off from the French financial software supplier XRT in 2000, and moved its headquarters to San Diego in 2003, when Jean-Luc Robert became CEO. The company has more than 300 employees worldwide, and anticipates the number will grow significantly over the coming year, Wheatcroft said.

Including the latest round, Kyriba has raised more than $71 million since 2001, according to CrunchBase.

Author: Bruce V. Bigelow

In Memoriam: Our dear friend Bruce V. Bigelow passed away on June 29, 2018. He was the editor of Xconomy San Diego from 2008 to 2018. Read more about his life and work here. Bruce Bigelow joined Xconomy from the business desk of the San Diego Union-Tribune. He was a member of the team of reporters who were awarded the 2006 Pulitzer Prize in National Reporting for uncovering bribes paid to San Diego Republican Rep. Randy “Duke” Cunningham in exchange for special legislation earmarks. He also shared a 2006 award for enterprise reporting from the Society of Business Editors and Writers for “In Harm’s Way,” an article about the extraordinary casualty rate among employees working in Iraq for San Diego’s Titan Corp. He has written extensively about the 2002 corporate accounting scandal at software goliath Peregrine Systems. He also was a Gerald Loeb Award finalist and National Headline Award winner for “The Toymaker,” a 14-part chronicle of a San Diego start-up company. He takes special satisfaction, though, that the series was included in the library for nonfiction narrative journalism at the Nieman Foundation for Journalism at Harvard University. Bigelow graduated from U.C. Berkeley in 1977 with a degree in English Literature and from the Columbia University Graduate School of Journalism in 1979. Before joining the Union-Tribune in 1990, he worked for the Associated Press in Los Angeles and The Kansas City Times.