Street Talk

Carthona Capital bets on cash management start-up

Sarah Thompson, Kanika Sood and Emma Rapaport

Sep 18, 2024 – 11.06am

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A former McKinsey consultant who was part of the team that built out HSBC’s corporate payments platform has secured a fresh capital injection for his treasury management platform Primary, which is hoped to transform how Australian businesses manage their cash flow.

The Sydney-based start-up, founded by Ben Buckingham in 2022, has ruled off a $3.5 million seed round led by venture capital firm Carthona Capital and will use the proceeds to target $1 billion in funds under administration in the next two years.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.