Pile announces Europe’s first treasury solution enabling startups and VCs to manage their capital and reduce financial risk

Former Penta Founder Jessica Holzbach and her team announced with Pile their new treasury solution for high growth startups and venture funds today - a solution that could have prevented a lot of stress for many founders over the last couple of days. {`Pile's`} mission is to help startups find a place to keep their capital safe, independent from individual banking risks, and earn interest along the way to extend their runway. The fintech offers an easy, transparent, and fair way to manage a startup’s capital, while controlling financial risk.

Since the Silicon Valley Bank crash shocked the global startup scene, the topic of cash management and risk diversification has been more present than ever. According to the latest news, more than 1,000 startups have experienced financial hardship due to the bank failure because they had most of their assets in the bank instead of spread across multiple accounts.

Even before this wake up call, Jessica and her team started working on their banking solution, as they saw a dramatic shift in the industry and began to stress the underestimated risks of imprudent capital management among startups and investors.

Founder Jessica Holzbach: In talking to over 100 of our customers and our angel investors, we found out: treasury management has become more important than ever. Over the past few years, especially in Europe, founders were always told not to get distracted with their admin and finance setup. However, finding a good banking stack and an easy but safe way to manage a startup's capital is crucial to master the challenging funding market that forces founders to be more cost-efficient. More and more startups actively seek financial guidance and cash management support.

This is why the team adapted their strategy and shifted from building a crypto API to offering treasury management by the end of 2022. Within the next week, Pile will come out of its closed beta, offering treasury for high-growth startups in Europe. Until then, interested startups can sign up for their waitlist or use one of the 100 invite codes the startup gave to VCs within the ecosystem.

We onboarded the first 20 customers over the last couple of weeks to get as much feedback as possible on our product. However, as the solution is urgent, we decided to speed up the process and give access gradually over the next few days to help startups from the seed stage to series C to manage their capital better - comments Holzbach.

The product provides a way to diversify capital across multiple banking providers, from neo-banks to “too big to fail” traditional institutions. Thus, customers can bank with various providers simultaneously while having an overview in one place. This gives founders and CFOs a real-time and accurate summary of their capital. Additionally, customers can choose between different interest-bearing deposit products, so they can extend their runway and let their money grow.

Pile is backed by prominent fintech founders such as Max Tayenthal from N26, Carolin Gabor from Finleap, Luka Ivicevic from Index Health, Tuomas Toivonen from Holvi, and Mario Götze, who highly support the fintech’s new direction as they see a great need for Pile’s treasury approach in the market.

About Pile

Pile strives to become Europe's first treasury solution helping startups and VCs to manage their treasury and reduce financial risk. The team's mission is to help startups find a place to keep their capital safe, agnostic to individual banking risks, and earn interests to extend their runway. Pile offers an easy, transparent, and fair way to manage a startup's capital while controlling financial risk. The Berlin-based fintech was founded in 2022 by former Penta founder Jessica Holzbach, Balazs Deme and Benedetta Ludovisi.

Press contact

press@pile.capital

www.pile.capital