Spotify win the EuroFinance Award for Treasury Excellence

Published 

London – EuroFinance announced today that Spotify, the Swedish music streaming company, has won its annual award for international treasury excellence.

EuroFinance cites a number of achievements by the Spotify treasury in recent years: its bank rationalisation programme to four global institutions; implementation of Swift, XML and a cloud-based TMS along with a data warehouse with full slice and dice capability of all financial data. Together with its bank partner Nordea, it built a cloud-based FX solution. It has created a new hedging programme that uses advanced data insights to accurately forecast exposures and has also reengineered many processes using the twinned themes of best of breed technology and a recognition of the importance of financial data.

“This year Spotify embodies many of the points of excellence we were looking for in a modern treasury geared to grow with its company,” said Leslie Holstrom, editor, EuroFinance. “They have built an agile and collaborative treasury that makes the best of its internal teams, as well as its external partners whether those are bank relationships or newer Fintech companies that can offer different levels of innovation.”

EuroFinance also points to the expanded role that treasury has taken within the business. Johan Bergqvist, Spotify’s treasurer, already handles a broad portfolio beyond the normal treasury reach to include corporate finance and insurance. But he also heads the corporate development team that looks at strategic build/buy/partner options for the company as it pursues an aggressive growth strategy.

Although Spotify has had the luxury of developing treasury from scratch, it has done so in an environment of hyper growth (80% top line growth last year), and therefore it has chosen its tech and banking partners wisely, investing in future proof treasury solutions. Spotfy’s Bergqvist has not shied from researching, watching closely and indeed partnering with Fintech companies if they can offer more timely, more efficient solutions elsewhere on the market. But behind all this hi-tech is an old fashioned drive for efficiency. Spotify has100 million users in its system, creating close to 360 million transactions a year. Every fractional gain will have significant payoffs for the company.

Most recent episodes

What to Do with Corporate Cash in Challenging Times

Corporate treasurers have myriad challenges to contend with in the short-term investment space. Here, Richard Hallett (Aviva Investors), Ed Lopez (Calastone) and Patrick Kunz (Pecunia Treasury & Finance) outline how to successfully navigate these roadblocks, debunk incoming regulations, and assess...

39:42

Trading Up: Supply Chain Trends Impacting Treasury

If you need a clear, concise and definitive guide to SCF in 2022 and 2023 then look no further! Due to their remit as financial risk assessors, treasurers need to understand the pitfalls associated with supply chain disruption. In this podcast, hosted by TMI’s Eleanor Hill, our expert guests Rowan...

34:28

£15 Billion Stimulus Pumped into UK Economy to Ward Off Recession Fears

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 7th June...

04:44

Advantage Treasury

Eleanor Hill is joined in the virtual TreasuryCast studio by Nicolas Cailly and Philippe Penichou (Societe Generale) to look at treasury trend predictions for the remainder of 2022, with a particular focus on virtual accounts. In this deep dive into current and future treasury priorities, our guests...

24:22

40th Annual New York Cash Exchange: What Can Treasurers Expect?

Ahead of the 40th annual New York Cash Exchange, two of TMANY's distinguished board members, David Miller and Timothy T. Hesler, CTP, provide TMI CEO, Robin Page, with a quickfire rundown of what attendees can expect from this year’s conference. Our guests share their aspirations for the event, explain...

09:58

Expectation-Beating Inflation Prints Ratchet Up Pressure on Monetary Policy

Welcome to the third edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 9th May...

04:48

Making the Sustainable Transition: A Roadmap to ESG in Treasury

Over the last 18 months, Societe Generale has experienced a steady increase in requests from their corporate clients to integrate ESG features in treasury management.  Louis-David Rouyer, Philippe Pougeard, and Emmanuelle Petelle (Societe Generale) provide TMI's Eleanor Hill with a whistlestop run...

22:24

Lift Off for Fed Rate Rises

Welcome to the latest edition of Liquidity Link Live, your exclusive market analysis provided by Northern Trust Asset Management, one of the world’s largest cash managers. Tune in each month to discover the very latest insights on the UK, Eurozone and US markets. This edition was recorded on the 5th of...

04:58

Treasury in 2022 and Beyond

Industry experts Bob Stark (Kyriba) and Sebastian di Paola (PwC) join TMI's Editor, Eleanor Hill, to explore the very latest treasury trends - and to discuss how smart treasurers can get ahead of th...

43:21

How BearingPoint Harnessed Data-Driven Forecasting with CashAnalytics and SAP

Listen back to our recent forecasting masterclass, where Group Treasurer Eveline Stam, and Conor Deegan (CashAnalytics) provided TMI's Eleanor Hill with a comprehensive overview of how consultancy firm BearingPoint achieved company-wide cash forecasting nirvana by combining specialist solutions from...

37:14