Industry SectorsConsumer/RetailSpotify lauded for treasury excellence

Spotify lauded for treasury excellence

The Swedish music streaming company has won EuroFinance’s annual award for international treasury excellence.

EuroFinance named Swedish music streaming company Spotify as this year’s winner of its annual award for international treasury excellence. The group, which provides conferences, training and research on cash management, treasury and risk, cited several achievements by Spotify’s treasury in recent years: its bank rationalisation programme to four global institutions; implementation of Swift, eXtensible mark-up language (XML) and a cloud-based treasury management system (TMS), along with a data warehouse with full ‘slice and dice’ capability of all financial data.

“Together with its bank partner Nordea, [Spotify’s treasury] built a cloud-based FX solution,” added EuroFinance. “It has created a new hedging programme that uses advanced data insights to accurately forecast exposures and has also re-engineered many processes using the twinned themes of best of breed technology and a recognition of the importance of financial data.”

EuroFinance also cited treasury’s expanded role within the business. “Johan Bergqvist, Spotify’s treasurer, already handles a broad portfolio beyond the normal treasury reach to include corporate finance and insurance,” the group noted. “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.”

Related Articles

Ethnic diversity in top companies improves

Consumer/Retail Ethnic diversity in top companies improves

2y Graham Buck
Europe’s retailers turn to omni-channel

Clearing & Settlement Europe’s retailers turn to omni-channel

2y Graham Buck
Open minds will deliver the best from open banking

Automation Open minds will deliver the best from open banking

2y Erik Zingmark
Does a treasury management system always fit the bill?

Automation Does a treasury management system always fit the bill?

2y GTNews
Five measures to protect against ransomware attacks

Baltics Five measures to protect against ransomware attacks

2y Mike Gillespie
Cybercriminals turn their attention to retail

Baltics Cybercriminals turn their attention to retail

2y Graham Buck
Amazon swallows Whole Foods in US$13.7bn deal

Consumer/Retail Amazon swallows Whole Foods in US$13.7bn deal

2y Graham Buck
From beer to blockchain - innovations in supply chain finance

Asia Pacific From beer to blockchain - innovations in supply chain finance

2y Richard Hartung

Whitepapers & Resources

Sanction Screening: The risk for companies is real

Payments Sanction Screening: The risk for companies is real

4w
Enhancing your strategic position: Digitalization in Treasury

Payments Enhancing your strategic position: Digitalization in Treasury

1m
Are You Ready to Implement your GRC Solution?

Are You Ready to Implement your GRC Solution?

2m
Netting: An Immersive Guide to Global Reconciliation

Netting: An Immersive Guide to Global Reconciliation

4m