83North invests $12m in TIS

The fresh capital will be used to accelerate product development and scale operations in Europe and the US.

TIS said 83North's fintech expertise will help accelerate its growth. 83North has previously backed Swedish payment technology company iZettle and UK-based foreign exchange service Ebury in this sector.

Previous funding
Target Partners discovered TIS through its investor network in 2011 and invested €2.5m in the company's seed round.

The investor returned alongside Swedish VC Zobito in May 2014 to provide an extra €4m.

Company
Headquartered in Walldorf and founded in 2010, TIS is a cloud platform for managing corporate payments, liquidity and bank relationships. The company claims it can enable customers to make efficient, secure and cost-effective payment transactions. TIS counts Office Depot, Staples Solutions, Archroma, Dachser, Fresenius, Fujitsu, Oettinger Davidoff and Swissgrid in its client base.

People
83North – Laurel Bowden (partner).
Treasury Intelligence Solutions – Jörg Wiemer (CEO).

Advisers
Company – GP Bullhound (corporate finance).

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