WALLDORF, Germany--(BUSINESS WIRE)--TIS (Treasury Intelligence Solutions GmbH), the leading cloud platform for managing corporate payments and cash flows, today announced it has raised $12 million in additional financing from international VC firm 83North. 83North joins previous investors Target Partners and Zobito.
The company plans to use the new funding to further accelerate product development and scale operations in Europe and the US, in order to meet growing international demand. Many globally recognized organizations, including Office Depot, Staples Solutions, Archroma, Dachser, Fresenius, Fujitsu, Oettinger Davidoff and Swissgrid, already use TIS to standardize and analyze payment flows throughout their organizations.
“We are proud to have 83North on board alongside our existing investors. 83North’s investment and its unrivalled fintech expertise will help accelerate our growth,” said Jörg Wiemer, CEO and co-founder at TIS. “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.”
"We believe the team, the technology and the traction we see at TIS provide a great opportunity to create and lead a new global category,” said Laurel Bowden, Partner at 83North. “TIS is attacking a huge market with an unmet need. We are excited to be working with Jörg and co-founder Erol.”
“We have been investors in TIS almost since inception and are impressed with its development. TIS has established itself as the leading SaaS platform for corporate payments – creating efficiency in a highly inefficient market,” added Berthold von Freyberg, Partner at Target Partners.
GP Bullhound, an international technology investment banking firm, acted as sole advisor to TIS during the round of financing.
TIS is the leading cloud platform for managing corporate payments and cash flows. TIS enables companies to make more efficient, more secure and more cost-effective payment transactions. In addition, TIS enables customers to make better decisions when analyzing financial and operational performance, based on real-time payment flows. All mission-critical processes related to payment transactions are integrated into a multibank-capable, audit-proof cloud platform. This is a single point of contact for enterprise customers when managing and analyzing their payment flows across the organization. TIS takes care of managing various payment formats, communication channels with banks, and ERP-agnostic integration. Offered as Software as a Service (SaaS), the ISO certified TIS solutions are quickly up and running without the complexity and cost of a long IT project.
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83North is a global venture capital firm with over $800 million under management. The fund invests in exceptional European and Israeli entrepreneurs. 83North started as Greylock IL, and remains deeply rooted in the main US tech hubs, with over half of its portfolio companies having operations in the US.
The firm has backed more than 50 companies including Ebury, Hybris (acquired by SAP), iZettle, Just Eat, ScaleIO (acquired by EMC), Payoneer, SocialPoint (acquired by Take2), Via and Zerto.
Visit www.83north.com and follow us on Twitter @83NorthVC.