Cashforce, Antwerp-based fintech startup which takes care of Cash forecasting and Working capital management has announced that it has closed € 5 million in Series A funding.
The growth financing round was led by Amsterdam-based venture capital firm, INKEF Capital and US VC, 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 forecasting processes & Working capital management for enterprise customers globally. New offices have been opened in London, Ghent and Copenhagen in 2019, with others (Zurich, Singapore…) to follow soon.This funding round will accelerate global growth and presence in new markets.
Corné Jansen, Managing Director of INKEF Capital, said:
With the help of Cashforce’s technology, the way cash flow forecasts are generated and Working capital is managed can be radically transformed. 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.
Ron Chakravarti, Citi Managing Director, Global Head – Treasury Advisory, said:
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. 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. At Citi, we are running a number of experiments collaborating with our clients and fintechs – such as CashForce – empowering our clients’ journey towards Smart Treasury. This journey moves them beyond descriptive analytics to decision support and decision automation, offering the opportunity to realise the promise of full automation of operational treasury.”
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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