Cashforce has announced that it has closed €5m in Series A funding. The growth financing round was led by Inkef Capital and Citi Ventures. The existing investors Pamica NV, the investment company of Michel Akkermans, and Volta Ventures, are co-investing and reinforcing their commitment to the company.
Since 2018, Cashforce has demonstrated hyper-growth by developing multiple partnerships and by streamlining cash flow forecasting processes and working capital management for enterprise customers globally. This year it has opened new offices in London, Ghent and Copenhagen, with the promise of others, potentially in Zurich and Singapore to follow.
This funding round will accelerate the company's global growth and presence in new markets.
“With the help of Cashforce’s technology, the way cash flow forecasts are generated and working capital is managed can be radically transformed," commented Corné Jansen, managing director of Inkef Capital. "By addressing these deep-seated challenges for many corporates using automation and AI, Cashforce is well-positioned and has tremendous potential to significantly help enterprises.”
"There is an increasing appetite in corporate treasury for integrated decision support tools from their banks for the next investment, fund or hedge action going beyond what their existing systems can provide today," said Ron Chakravarti, Citi managing director, global head - Treasury Advisory. "As a prerequisite step to delivering such solutions from Citi, we look forward to collaborating with Cashforce to significantly improve our clients’ ability to aggregate disparate data sets across their enterprise to help better manage their working capital and more accurately predict through algorithmic techniques their potential liquidity exposure.”
Executive chairman Michel Akkermans and CEO Nicolas Christiaen stated: “Cash forecasting still remains one of the most important challenges for treasurers worldwide. The last three years have been very fruitful for us, developing our solution and broadening our eco-system through partnerships with global banks, treasury consultants and bank connectivity partners. Our mission remains unchanged: delivering reliable technology that enables financial leaders to make high-caliber decisions. We are therefore very enthusiastic about our new global strategic banking partnership with Citi, jointly offering their corporate clients a crystal-clear future.”
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