Passion Capital is a UK-based venture capital firm managing multiple funds and operating across complex legal and financial structures.
As with many VC firms, treasury management wasn’t just about yield, it needed to work across multiple entities, support unpredictable capital flows, and remain operationally simple.
However, their existing setup fell short.
Managing treasury across multiple funds and a management company introduced inherent complexity.
As Paul Walker, Head of Finance at Passion Capital, explains:
“Like most investors, we have complex structures, and other platforms just couldn’t handle them.”
Most treasury solutions were not designed for:
This created friction both in setup and in ongoing management.
Traditional banking partners provided limited returns on cash.
At the same time, alternative solutions often forced a compromise:
For a VC firm managing unpredictable investment timing, this trade-off didn’t work.
They needed both.
Before Round, onboarding new treasury solutions was:
The team needed a system that could scale with them, not slow them down.
Passion Capital evaluated existing treasury approaches across both traditional and newer providers.
Core issue: The alternative solutions either lacked flexibility, couldn’t handle structural complexity, or introduced operational overhead.
Passion Capital adopted Round as a flexible treasury layer across its funds and management company.
This allowed them to consolidate treasury operations into a single system while maintaining full flexibility over capital.
All active funds were onboarded quickly, with the ability to add future funds seamlessly.
As Paul described:
“We onboarded all our active funds and our management company. It was super quick. I can manage it all from one dashboard and it will be simple to onboard all our future funds.”
Round provided a single interface to manage treasury across:
This removed the need to manage each entity separately.
Instead of choosing between yield and access, Passion Capital could now:
“With Round, we get great returns while keeping funds accessible.”
The platform replaced legacy banking interfaces with a more usable system:
“It’s all exactly where you’d expect it to be. No clunky interfaces—just smooth, logical navigation.”
Passion Capital effectively doubled the interest rate earned on its cash.
“We’ve effectively doubled our interest rate. It’s more than just incremental gains.”
This transformed treasury from a passive function into a meaningful contributor to returns.
Managing cash across multiple funds is now centralised within a single platform.
There is no longer a need to:
Greater transparency and stronger returns have improved how Passion Capital communicates with Limited Partners.
Treasury is now:
“Round makes us look more polished and more professional.”
Support shifted from slow, email-based systems to real-time communication.
“I can send a Slack or WhatsApp message and get a helpful response almost immediately.”
Compared to traditional treasury setups, onboarding was fast and repeatable across entities.
Passion Capital plans to onboard all future funds onto Round from day one.
As the firm grows, having a treasury system that can scale across entities while maintaining flexibility and strong returns will remain critical.
Treasury is no longer a background function. It is now part of how the firm demonstrates operational excellence to its investors.
Passion Capital is a UK-based venture capital firm managing multiple funds and operating across complex legal and financial structures.
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.
