Redefining the future of treasury
As a former treasurer of a Fortune 500 company, Anis Rahal, founder and CEO of TressuryXpress, always felt that the daily tasks of treasury could be done faster and could be simplified with the use of technology. Unfortunately, even for an F-500, treasury management solutions were luxury items and quite difficult to acquire due to higher costs and resource-draining implementations. Scaling and improving these solutions were even harder.
Empowered and curious, Rahal started dabbling in Visual Basic, Excel macros and SWIFT. Before long, he came up with some basic code that allowed him to easily connect to his banks turning his 6 hours a day of drudge work into an automatically generated report that was waiting for him in his inbox every morning when he walked into the office.
“It was such a small starting point, connecting to banks and then reporting,” recalls the founder.
As small as it may have seemed, it changed the way he worked — it changed the way treasury would experience technology in the future.
In 2007, as a treasurer and believer in technology, Rahal founded TressuryXpress, a global provider for frictionless and on-demand treasury management solutions (TMS), with the vision to make financial technology accessible to companies of all sizes anywhere around the world.
“I wanted to remove the barriers, remove the friction from acquiring technology and thus our on-demand business model was born,” Rahal explains.
“Our model has been quite successful as seen in our 96 per cent growth this year alone and our go-live track record of improving implementations for clients by over 300 per cent against the industry average,” he claims.
“Our solutions are built on the most modern, most flexible Cloud technology in the industry. This allows us to economise our development processes and pass along those economies to our clients. We are the only provider that can rollout upgrades on-demand every two weeks; and we are the first provider to incorporate artificial intelligence and machine learning into our solution,” Rahal continues.
With connectivity to more than 10,000 bank accounts worldwide, TreasuryXpress processes $8 billion in payments per year and manages more than 50 million transactions in their data warehouse. To date, more than 125 enterprise clients across 41 countries and an additional 140+ self-service clients using their Store products and APIs (Application Programming Interface).
“These clients are represented in our 96 per cent year-on-year growth and are supported by just over 50 employees across five offices globally — Dubai, Paris, Beirut, London, New York and Dallas,” Rahal says.
“Our business originally focused on the Mena and French-speaking markets. To date, we have expanded our global footprint significantly and now have a major presence in Western Europe and North America where we continue to accelerate our growth and investment. We also entered the APAC market last year. In 2018, we plan on maintaining our leadership position in the Mena region and will also applying more attention to DACH and Benelux regions,” he says.
In its Series B fundraising round, TreasuryXpress, recently closed an investment of $5 million from a consortium of investors including Middle East Venture Partners (MEVP), iSME Capital and The Luxury Fund. “We are using the capital to advance the development of our technology while investing the rest in sales and marketing to further penetrate the under-served middle market in the Americas and the UK,” discloses the founder.
“These markets are a key focus because the middle-market companies in these regions often have the nearly the same level of complexity and global reach of their G-2000 counterparts but lack the budgets and IT resources traditionally required to purchase and implement treasury technology. With our current and previous rounds of investments, we are changing all of that,” Rahal says.
“We have worked with TreasuryXpress for six years and we have witnessed the company’s growth and scalability over this period. Their double-digit growth figures are very promising and their business model makes a tremendous impact on the efficiency of treasury management — their services are needed in all industries and we recognise the potential for further expansion. Furthermore, TreasuryXpress’ ability to serve clients across the globe positions them uniquely against competitors,” says Walid Mansour, Partner and chief investment officer at MEVP.
Tracy Kantrowitz, vice-president of marketing at TreasuryXpress, claims that only TreasuryXpress leverages modern Cloud advancements to offer a perpetual development and upgrade model that allows treasury professionals to implement, consume and scale technology economically and rapidly. “Over the next 3-5 years, the treasury technology vendors that will be best positioned for growth and leadership are those that can best harness automation, cloud innovation, and enable overall digital transformation. It is in those three areas that we lead,” he says.
We are investing in sales and marketing to further penetrate the under-served middle market in the americas and the UK
Anis Rahal, Founder and CEO of TressuryXpress