IBSFINtech, a Bengaluru-based treasury, risk, and trade finance management business, has raised $1 million in a pre-series A investment from a group of high-net-worth people (HNIs).
IBSFINtech plans to leverage the current round of funding to extend its global reach as well as deploy its SaaS treasury management solution in the domestic market.
The startup, which was founded by former bankers, feels there is a big market potential in the category they are targeting because many organisations still do this difficult activity using spreadsheets with little technological application. It also stated that the ongoing epidemic has resulted in more digitization and the need for more cybersecurity.
On the funding received, CM Grover, CEO, IBSFINtech, said, “This funding provides the necessary impetus to expand our playing field with our newly launched SaaS TMS. It will accelerate our global growth plans and bolster technology to deliver the most comprehensive, decision-making platform for business leaders across industries.”