The Challenge
Notion Capital is a leading venture capital firm that invests in high-growth technology companies and manages capital across multiple funds. Like many firms operating across fund structures, its treasury flows are predictable in shape but complex in execution.
The treasury problem:
- Cash accumulated in operating accounts and only earned yield once moved at the end of the quarter
- Capital did not earn during the majority of the cycle
- Yield limited to residual balances
- Treasury remained passive rather than continuously deployed
Cash visibility problem:
- Logging into multiple bank accounts to track balances
- Manual tracking of balances in spreadsheets
- Coordinating transfers based on upcoming needs
- Fragmented visibility across accounts
The quote:
“It was very manual. Logging into one account, making a note in Excel, then going into the next.”
— Bethan, Notion Capital
Alternatives Considered
Before adopting Round, the alternative approach was their existing workflow.
For Treasury:
- HSBC - Primary banking partner for operating accounts
- JPMorgan money market funds - Used for yield on residual balances
- Manual treasury process - Deploying funds only at the end of each cycle
For visibility:
- Manual tracking - Using Excel to reconcile balances
- Multiple banking portals - Fragmented access to financial data
The limitation was not access to financial products, but the absence of a system to deploy funds earlier, automate movement, and maintain visibility.
The Solution
Notion adopted Round to move from a passive treasury model to a continuous, automated approach.
Treasury Module
- Continuous deployment of cash into yield-bearing accounts
- Automated withdrawal of funds based on operational needs
- Cash flow rules configured for payroll and expenses
- Centralised dashboard for all treasury balances
“Basically making your cash work until the last minute.”
The Results
Time saved:
- Treasury management reduced to approximately one hour per month
- Eliminated manual tracking across multiple systems
- Reduced need for coordination across accounts
Money earned:
- £66,000 additional interest generated
- Increased yield by deploying cash throughout the cycle
Risk eliminated:
- Removed reliance on end-of-cycle treasury deployment
- Improved visibility across all accounts
- Increased confidence through automated cash flow rules
Key Features They Love
Simple onboarding:
“It was very hands-off. We filled a couple of forms and Round did the rest.”
Automated workflows:
“You can set up withdrawals and just check in once a quarter. It runs in the background.”
User-friendly interface:
“It’s very straightforward. I know exactly where to go if I need to change anything.”
Centralised visibility:
“It’s a one-stop shop to see the cash that we have and where it’s sitting.”
The Setup
Notion connected HSBC accounts, configured treasury rules based on cash flows, and integrated with Xero, with onboarding handled largely by the Round team and minimal internal effort required.
Looking Ahead
As Notion Capital continues to grow, treasury is now positioned as a strategic function, with continuous deployment, automation, and visibility driving both efficiency and returns.
About Notion
Notion Capital is a European venture capital firm investing in high-growth cloud and SaaS companies. The firm supports ambitious founders with capital, operational expertise, and long-term partnership.
About Round
Round builds AI-powered financial infrastructure that automates treasury, AP, and payroll operations for European companies and VC funds. Backed by Alstin Capital, Round helps finance teams earn more on idle cash while spending less time on operational busywork.
