While stablecoins grabbed headlines and neobanks competed for retail deposits, treasury management software quietly became fintech’s fastest-growing segment. Revenue at treasury-focused fintech companies grew 47% year-over-year in 2025, outpacing every other fintech subsector, according to Bain & Company’s annual fintech analysis. The reason is straightforward: CFOs and treasurers at mid-size companies discovered that spreadsheets are a liability, not a tool, when interest rates are above 4% and cash management actually matters.
What Treasury Management Software Does
Corporate treasury management involves tracking cash positions across bank accounts, forecasting cash flow, managing foreign exchange exposure, investing short-term surplus cash, and ensuring compliance with internal controls. At large corporations, SAP, Oracle, and Kyriba provide enterprise treasury management systems. At small businesses, the CFO uses QuickBooks and a spreadsheet.
The gap is in the middle. Companies with $10 million to $500 million in annual revenue have complex enough cash management needs to require software but have historically been too small for enterprise treasury solutions that cost $200,000 to $1 million to implement. Fintech companies have filled that gap with cloud-native, API-connected treasury platforms priced at $500 to $5,000 per month.
Fintech infrastructure platforms represent a $150 billion opportunity, and treasury infrastructure is one of the newest and fastest-growing segments.
The Companies Leading the Segment
Trovata raised $35 million in 2025 and has 700 corporate clients. Its platform connects to bank APIs to provide real-time cash visibility across multiple banks and accounts. Trovata’s clients include Yamaha, TripAdvisor, and Zillow Group, according to its corporate website. The platform’s AI-powered cash forecasting claims 95% accuracy on 13-week forecasts.
Highradius, valued at $3.5 billion, provides treasury and accounts receivable automation to large enterprises. Its clients include P&G, Sanofi, and Kellogg’s. Highradius reported $500 million in annualized revenue in 2025. Tesorio, which raised $17 million in Series B funding, focuses on accounts receivable and cash flow management for mid-market SaaS companies.
Stripe Treasury, launched in 2021, allows platforms to embed treasury services into their own products. A marketplace operator can offer its sellers bank accounts and yield-bearing cash management through Stripe’s API, without building banking infrastructure. Stripe Treasury held $4.2 billion in deposits as of Q4 2025, per Stripe’s product page.
Financial APIs are powering the next generation of fintech platforms, and treasury APIs are among the most commercially valuable because they handle the movement and management of large sums.
Why Growth Accelerated in 2025
Two factors converged. First, interest rates. When the federal funds rate was near zero (2020-2021), idle cash earned nothing. A CFO who left $5 million in a non-interest-bearing account lost almost nothing. At 4.25% rates in 2025, that same $5 million earns $212,500 per year if properly managed. Treasury management software that helps companies optimize cash placement pays for itself in weeks.
Second, bank API connectivity improved. The U.S. open banking rule under Section 1033 of Dodd-Frank, finalized in 2025, requires banks to share commercial account data with authorized third parties. Before this rule, treasury software had to rely on screen scraping or file-based data exchange (BAI2 files) to get bank balances. API-based access is faster, more reliable, and supports real-time data.
A 2025 AFP Liquidity Survey found that 43% of mid-market companies had adopted specialized treasury software, up from 22% in 2022. Global fintech revenue is expected to triple within the next decade, and treasury management is a segment where revenue scales with the value of assets managed, not just the number of transactions processed.
The Competitive Landscape
Legacy treasury management system vendors are fighting back. Kyriba, acquired by Bridgepoint in 2023, has invested in API connectivity and cloud migration. FIS, which provides treasury solutions through its Capital Markets division, launched a mid-market product in 2024. Coupa, primarily a procurement platform, added treasury management through its acquisition of Llamasoft.
Banks themselves offer treasury management services, typically bundled with commercial banking relationships. JPMorgan’s Commercial Banking division provides cash management dashboards and automated sweeps. Bank of America’s CashPro platform serves 37,000 corporate clients. These bank-provided solutions are integrated with deposit accounts but less flexible than independent software.
Over 70% of financial institutions are investing in fintech partnerships, and treasury technology is an area where banks and fintechs frequently partner. A bank provides the accounts and deposit insurance. The fintech provides the software layer that makes the cash visible, forecastable, and optimizable.
What Comes Next
AI-powered cash forecasting is the feature that differentiates the next generation of treasury platforms. Instead of the CFO building a 13-week cash forecast in Excel based on historical patterns, the AI ingests accounts payable, accounts receivable, payroll schedules, and seasonal patterns to produce a forecast that updates daily. When the forecast shows a cash surplus in week 7, the software can automatically invest it in short-term instruments.
Embedded treasury, where platforms offer cash management to their own clients, is also growing. Gusto, the payroll provider, offers small businesses a cash management account. Brex provides corporate cards and cash management in one platform. The global embedded finance market is forecast to reach $7 trillion by 2030, and embedded treasury will be a meaningful contributor.
The treasury management software market was valued at $5.4 billion in 2025 by Grand View Research and is projected to reach $12.8 billion by 2030. That 47% revenue growth rate in 2025 suggests the segment may get there faster. Cash management has always mattered. Software finally made it accessible to companies that could not afford a dedicated treasury team.
