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.”