Crowd Data Systems launched by Treasury Management veterans and $500k pre-seed investment round
New Treasury Management product brings fresh, innovative product to stagnant market; led by Steve Whalley, Kelly Scammell and Paul Traynier.
Crowd Data Systems (CDS) has announced it has secured funding to further develop the next generation of treasury management systems. Founded by industry veterans, the CDS team possesses a strong balance of technology, sales, and operational experience, having worked together for 20 years to date. The CDS team founded and successfully exited their first startup ‘City Financials’ back in 2010 via trade-sale.
London-based Venture Capital fund RLC Ventures led the $500,000 funding round, alongside further investment from Ascension Ventures and Force Over Mass Capital.
Crowd Data Systems plans to use the fresh injection of capital to increase R&D, sales and marketing, as it expands its innovative cloud-based apps into cash and treasury management.
Companies of all sizes rely on treasury management systems for cash, liquidity and financial risk management across business units and currencies. Businesses spend over £1bn globally on these systems each year, but the existing technology is outdated. A small group of software players currently own the majority of market share, relying on 10-15-year-old core technology to power their offerings.
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The founders of CDS bring a wealth of knowledge of treasury systems, which combined with a team of highly experienced developers and a new UX team bring a refreshing and thoughtful product to a stagnated market.
Crowd Data Systems’ entry into treasury management will free treasurers from the overhead of complex system administration, and provide a modern application suite built to surpass industry standards.
Commenting on the investment, Kelly Scammell, co-founder of Crowd Data Systems, added “We are delighted to have such award-winning investors supporting us and sharing in our vision. We look forward to showing treasurers how revolutionary modern technology can reduce technical complexity and improve the analytical capabilities of their teams.”
Reece Chowdhry, Founding Partner of RLC Ventures commented ‘Backing such an experienced and thoughtful team led us to build strong conviction in a relatively short period of time. Steve and Kelly have demonstrated a comprehensive understanding of the market landscape, having successfully sold a business in the space previously. Their healthy appetite for disruption is sure to shake up the historically innovation-light treasury market and we’re thrilled to be partnering with them.’