Before Ebusco had a treasury, they had Peter Bijvelds, the Founder CEO, and Björn Krook, the CFO. The firm’s forex policy was Peter Bijvelds’ alone. An avid trader, he handled Ebusco’s FX activities – and kept track of it all with an Excel sheet.
As for Björn Krook, “He could initiate payments, approve payments, and send them to the bank without any limits. With €300 million in the account – it’s not that I don’t trust the guy – but I didn’t sleep that well,” Jan Hermans jokes.
Setting up a treasury where there didn’t use to be one meant accepting formalised structures and processes. Some start-up behaviours simply had to go, but some – such as the lack of red tape and multiple layers of approval – played to the firm’s advantage.
Guus Groote Schaarsberg mentioned that it is common for corporations, when selecting a TMS system, to start with a long list of 10 options before shortlisting to five, while asking many questions in between. With Ebusco, “they asked me for the best two fits for their company, I shared two names, and we only focused on those two.”
A once-in-a-lifetime opportunity
The team eventually decided on Coupa Treasury, linked to 360t and Infront for FX activities and market data, a set-up that Jan Hermans described as a plug-and-play solution that’s also future-proof and scalable.
“This was a once-in-a-lifetime opportunity for Ebusco,” he says. “We had nothing, so there was no legacy. We didn’t have an old system we needed to replace; we could do whatever we needed to and make it happen, so we had to make sure that we can use it for the coming years as well.”
Guus Groote Schaarsberg is Senior Associate, Orchard Finance, and
Jan Hermans is Treasury Manager, Ebusco.
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