Treasury Intelligence Solutions (TIS), a German fintech company, has raised $12 million in funding from 83North with Target Partners and Zobito.
The company develops a SaaS-based cloud platform for managing and analysing corporate payments with clients including Office Depot, Staples Solutions, and Fujitsu. It will use the new funds for further product development and expanding its business in Europe and the US.
“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,” said Jörg Wiemer, CEO of TIS.
83North’s fintech expertise will help the company reach these goals, he added.
“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,” commented Laurel Bowden, partner at 83North. “TIS is attacking a huge market with an unmet need. We are excited to be working with Jörg and cofounder Erol [Bozak].”