Germany-based corporate payments platform Treasury Intelligence Solutions (TIS) has raised $20 million in a funding round from early stage fund Aquiline Technology Growth. Existing investor 83North also participated. TIS said it has increasing demand for its corporate payments and cash flow management cloud-based platform.

“We are proud to have Aquiline on board alongside our existing investors. This investment will help accelerate our growth,” said Jorg Wiemer, CEO and Co-Founder of TIS.

Wiemer further added, “Thanks to the growing number of corporates, banks and service providers already using our cloud platform, TIS will further strengthen market leadership while leveraging sustainable competitiveness in combination with increasing network effects”.

The funds raised will be utilized to speed up product development and to grow the firm’s U.S. business as well as European operations. The client base of TIS includes Adecco Group, Bertelsmann, Hugo Boss, Fresenius, Fugro, Lanxess, ManpowerGroup, OSRAM and QIAGEN.