TreasuryXpress, a global provider for frictionless and on-demand treasury management solutions (TMS), announced that it has recently closed a growth investment of $5 million from a consortium of investors including Middle East Venture Partners (MEVP), iSME Capital, and The Luxury Fund.

With connectivity to more than 10,000 bank accounts worldwide, TreasuryXpress processes yearly payments amounting to $8 billion and manages over 50 million transactions in its data warehouse. To date, more than 125 enterprise clients across 41 countries and an additional over 140 self-service clients are using their store products and APIs.

The investment provides TreasuryXpress with an opportunity to leverage the growing need for on-demand, cloud-based treasury management and financial products. Following two consecutive years of triple digit growth in the US and EMEA regions, the new investment will allow the company to continue to expand its on-demand business model into key markets with treasury-friendly fintech solutions.

By delivering solutions that change the way treasury teams can purchase, implement, and consume treasury and financial technology, TreasuryXpress has successfully introduced a new model of TMS to the market that allows companies across various industries to automate and improve their treasury processes in a quick and scalable way.

“TreasuryXpress has grown 96 percent over the past year, proving a clear increase in the adoption of on-demand treasury management solutions.  With an estimated overall addressable market expected to reach $3.3 billion by 2020, we are thrilled that our investors recognize the innovation we are bringing to the treasury and fintech space,” said Anis Rahal, CEO and founder of TreasuryXpress.

“As a pioneer and leading provider of the new generation of cloud treasury management solutions, this investment further bolsters TreasuryXpress’ position in the industry as the enabler of real transformation for modern TMS technology,” said Walid Mansour, CIO of MEVP.