Payments and cash flow management solution Treasury Intelligence Solutions has raised $12m in a funding round.
The investment was led by 83North, who joins previous investors Target Partners and Zobito.
Sweden-based TIS is a payments processing solution that helps enterprises keep track of finances and banking. Through the solution a client can manage their bank account, automate payment transactions, monitor liquidity and cash flow, secure payments, and manage data.
Current clients using the platform include Office Depot, Staples Solutions, Archroma, Dachser, Fujitsu and Swissgrid to help standardise and analyse payment flows across their businesses.
This line of equity will be used to further develop the product and to scale operations within Europe and the US to help meet demand.
TIS CEO and co-founder Jörg Wiemer said, “Thanks to the growing number of corporates, banks and service providers already using our cloud platform, TIS will continue to enjoy increasing network effects and thus strengthened market leadership.”
International technology banking firm GP Bullhound acted as the sole advisor to TIS, during the investment round.
With this latest funding round, it brings total capital raised by TIS up to $19m. The company raised a €4m Series B round in 2014, which received commitments from Target Partners and Zobito.
Funding and deals to the infrastructure and enterprise software sector in Sweden has stayed relatively consistent over the past year. In the country there has been two transactions within the sector since the opening quarter, all barring Q4 2016, where three were completed.
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