IBSFINtech, which is an integrated treasury management fin-tech startup has raised an undisclosed amount in its seed funding round. The investment comes from Shailesh Haribhakti, chairman of Haribhakti & Co.
It is also being reported that the company is in talks with investors to raise growth funding of around ₹13 crore to ₹26 crore ($2-4 million). The funding is being raised primarily for scaling up operations globally and for product research and development.
Shedding light on the on-going business, Chandra Mohan Grover, co-founder of the company, said, “We at IBSFINtech have observed tremendous growth in this segment in last few years. The number of clients coming onboard has tripled year on year.”
The company was founded in 2006 by Chandra Mohan Grover and T M Manjunath — veterans of Vijaya Bank. IBSFINtech is a software product company that manages $20-billion treasury market transactions in India.
It offers treasury and trade finance solutions for corporates, public sector undertakings and small and medium-sized enterprises. Its clients are some of the largest companies in India, including The Times Group (BCCL), Future Group, Maruti Suzuki, Snapdeal, etc.
According to a report from McKinsey, the market potential of corporate treasury, business-to-business payments and cash flows is $135 trillion globally.