> Given the significant increase in returns on a large treasury, we think it's worth the small amount of effort.

Isn't that the point he was making though? It's a large treasury in aggregate, which is why it makes sense for a new entrant to come in, but it's only a 1-2% problem for founders, which is why they don't bother with it much (why fix what's not broken, etc.).

By the time founders raise significant sums of money (which is usually Series B onwards), they might be better suited to deal with a fractional CFO service which provides the full spectrum of services instead.