Round secure $2.1M pre-seed to simplify treasury management

Round, a user-friendly banking and treasury platform specifically designed to make life easier for founders and CFOs, has closed a $2.1 million pre-seed funding round. The investment round was led by Passion Capital (early backers of Monzo, Tide and GoCardless) with participation from Tiny VC, Ascension, Samos Investments and Entrepreneur First. The round also attracted support from prominent fintech figures, including Darren Westlake (founder of Crowdcube), Simon Taylor (11FS), Pranav Sood (GM of Airwallex), and former executives from Stripe and Starling. Several of Round’s early customers also participated as angel investors.

The current situation for small and medium-sized businesses (SMBs) managing their finances is bleak. Many SMBs are stuck between legacy Enterprise Resource Planning (ERP) systems and basic Excel spreadsheets, leaving founders and CFOs struggling with cash management. Without a comprehensive treasury management solution, businesses struggle to optimise liquidity and maintain cash transparency. The collapse of Silicon Valley Bank in 2023 was a wake-up call, pushing safeguarding and financial security of cash to the top of founders’ priorities.

Round CEO & Co-Founder Pac O’Shea’s experience with fintech clients and as a Venture Partner revealed a crucial insight: existing financial tools were too rigid and complex for modern businesses. In response, Pac and his Co-Founder Hayyaan Ahmad developed a solution to simplify cash management and protection. This new tool addresses the critical need for versatile, user-friendly financial management in the post-SVB world, where diversifying funds and ensuring accessibility is more crucial than ever for SMBs.

Round was created to provide a platform where founders and CFOs could manage all their financial needs in one place. By consolidating banking, treasury, and cash management into one platform, Round allows founders and CFOs to manage their finances with minimal effort. At the heart of its offering is a treasury solution that helps startups extend their runway, grow their teams, by earning up to 5% yield with next-day liquidity through government security backed Blackrock money market funds.

Round also offers a multibanking feature, which allows businesses to manage all their existing bank accounts in one place. Instead of switching between different banking apps, founders and CFOs can view a single, consolidated cash balance. Round also offers Vault Savings Accounts, which give businesses access to hundreds of savings accounts across UK banks, without needing to open individual accounts. This setup enhances FSCS protection, ensuring that deposits are spread across multiple banks and safeguarded against risk.

Round plans to expand its team and continue refining its product to meet the evolving needs of founders and CFOs. The company is preparing to expand its services across Europe, bringing its simple, intuitive platform to more high-growth startups.

Commenting on the investment, Pac O’Shea, CEO and Co-Founder of Round, said, “We kept hearing the same thing—managing finances felt disjointed, with founders juggling too many platforms and tools just to keep track of their cash. Our mission is to make financial management easy, no matter how complex it seems. We’re focused on building a product that founders and CFOs love because it saves them time, protects their funds, and helps them grow their businesses. Our goal is to make financial management as seamless as possible so founders can focus on building their businesses.”

Hayyaan Ahmad, Co-Founder, adds “A lot of founders don’t realise how much cash they are leaving on the table by not following treasury best practices. We want to give founders and CFOs complete visibility and control without any of the hassle. Every feature is designed to be simple – whether it’s automating withdrawals, or diversifying your cash across savings accounts. Managing your cash does not have to be a headache.”

“Round’s vision to transform financial services for startups is critical. Their innovative approach addresses the erosion of trust in traditional banks following the SVB collapse. By simplifying financial services and creating a cohesive platform, Round is setting a new standard for efficiency. They’re reimagining the financial stack for global businesses, eliminating the need to choose between safety, yield, and usability. We’re excited to support their journey and impact in the startup ecosystem,” said Eileen Burbidge, Partner at Passion Capital.