Swedish-Dutch-based Palm, a fintech company created to streamline cash management for enterprise treasury teams, announced on Wednesday that it has raised $6.1M (approximately €5.5M) in a seed funding round.
The funding round was led by Speedinvest and Target Global, with participation from Upfin, Liquid2, and Greens. Notable angel investors include Job van der Voort (Founder & CEO, Remote) and Philippe Teixeira da Mota (former Hedosophia partner).
Fund utilisation
The fintech company plans to use the funding to expand its team and is already hiring across product, engineering, and go-to-market functions to help it build the financial tissue layer for global enterprises.
Additionally, the company will use the capital to continue its expansion across Europe, the UK, and the US.
Born out of concerns about outdated methods
Founded by Gurjit Pannu and Christian Sobkowski, Palm aims to streamline cash management for enterprise treasury teams.
Gurjit Pannu, co-founder and co-CEO of Palm brings over a decade of experience managing billion-dollar treasuries at companies such as Uber, Levi’s, and Remote.
Christian Sobkowski, Co-Founder and Co-CEO, has a track record of launching innovative financial products. He successfully developed Juni’s credit card program from $0 to a $106M debt raise and expanded PayPal’s Lending business across Europe.
The creation of Palm was inspired by our experiences at successful global companies like Uber and Juni, says Christian Sobkowski in an interview with Silicon Canals.
“We both came from companies that have been successful on global stages. We both held senior roles at smaller startups that made us realise what we value in building companies: bringing diverse opinions and backgrounds together to deeply think about problems no one else thought about as deeply,” explains Sobkowski.
The concept of Treasury deeply resonated with Gurjit’s experience at Uber, while Christian was concerned about the outdated methods used by established players to solve the same problem.
“With Treasury teams deciding how the largest corporates move cash around the world, it became very obvious that “guiding” those money flows was worthy of bringing the best talent to re-think how it’s done,” Sobkowski adds.
Reduces operating cash balances by over 30%
The company’s platform helps treasury teams make informed decisions about transferring funds between multiple bank accounts and local subsidiaries.
“Traditional systems have supported treasury teams by doing a great job of aggregating data and providing visibility on historic cash activity. To get there, it typically takes 8-12 months to implement these solutions,” says Sobkowski.
However, Palm stands out by getting this implementation done in weeks rather than months while also generating future-looking cash flows automatically.
“We provide proactive guidance on how funds should flow through the business (both from compliance/tax and efficiency perspective),” he explains,” Sobkowski adds further.
The company also claims to outperform human-generated forecasts in 3 out of 4 accounts.
The platform provides an all-in-one view of cash flows, enabling efficient daily fund transfers and reducing operating cash balances by over 30 percent.
“Without adequate cash forecasting, Treasury teams tend to over-fund operating accounts to cover payment obligations. With a more accurate view of cash needs across these hundreds of accounts, they require less “cash as a buffer” to cover. On a consolidated enterprise level, this can be in the 10s of millions of dollars freed up to be reinvested into the business or higher-yielding investment vehicles,” says Pannu about treasury teams reducing operating cash balances by over 30 per cent.
Palm’s uses proprietary AI to build forecast models
Palm’s AI-powered platform offers three key features:
- Cash Forecasting – Provides account-level forecasts for each bank account, creating trust with automated accuracy scores
- Cash Positioning – Drives operational and financial efficiency by replacing daily reviews of multiple Excel sheets with smart, policy-driven funding recommendations
- Reporting – Streamlines reporting cycles into a dynamic, intuitive process that empowers strategic decision-making and can be used independently or to enhance existing TMS tools without forecasting capabilities.
“Cash movements across 100s of bank accounts can be complex. Each account carries very individual patterns driven by different groups of categories. The categorisation process in itself typically requires users to manually manage 100s of mapping rules they create,” explains Pannu.
“Leveraging the categorisation, Palm utilises a proprietary AI toolbox to build forecast models by category and account. We can then track actual activity vs forecast and provide contextual details on the drivers of the difference which then allow users to update forecasts accordingly,” states Pannu.
Feedbacks so far
The Swedish-Dutch company has opened its closed beta to its new customers.
Regarding the feedback, Sobkowski reveals, “They have appreciated the quick onboarding (from 8-12 months with incumbents) to less than 3 with Palm. The ability to recognise variances and business behaviour within a few clicks (vs downloading data Excel, sifting through thousands of transactions, and connecting the dots manually) has been a game changer.”
“What they see lacking is the width of other treasury needs (payments and in-house banking) which is currently on the roadmap,” adds Sobkowski.
According to the company, its early adopters include publicly listed companies in both the US and Europe with an average turnover exceeding $1B.
“With Palm able to service both treasury teams with existing systems and those without, we are enabling them to bring value to their customers with our current offering that brings a modern solution to an old problem,” concludes Sobkowski.
The investors
Speedinvest is an early-stage venture capital firm with more than €1B AuM and 40+ investors based in Berlin, London, Munich, Paris, and Vienna.
The venture capital firm’s sector-focused team invests in Europe’s most innovative technology startups. In-house experts provide ongoing support to founders for growth, HR, market expansion, and more.
The company’s portfolio includes Bitpanda, GoStudent, Wayflyer, Open, CoachHub, Schüttflix, TourRadar, Adverity, and TWAICE, among others.
“Palm represents the next generation of financial tools that are disrupting the enterprise CFO stack,” says Olga Shikhantsova, Partner at Speedinvest.
“As legacy software reaches end-of-life, CFOs are seeking AI-enabled solutions that can keep pace with their evolving needs. Palm’s deep understanding of treasury challenges, particularly from first-hand experience by Gurjit across a wide breadth of organisations, combined with their innovative approach, positions them perfectly to lead this transformation,” adds Shikhantsova.
Target Global is a pan-European technology investment firm dedicated to backing Europe’s innovative talent and helping them grow into global champions.
With more than €3B in assets under management, Target invests in companies across all sectors, geographies, and stages of their lifecycle, from pre-seed to pre-IPO.
Since 2015, Target has invested in global winners, including Delivery Hero, Revolut, Rapyd, and many others, supporting them in their growth and providing insights into their endeavours. To date, Target has backed 15 unicorns, had 21 exits, and seven realised IPOs
“We’re thrilled to support Palm as they revolutionise enterprise treasury operations. The team’s unique insight into the industry’s complexities, combined with their ability to automate manual tasks such as data sourcing, pattern recognition, and cash forecasting, will empower treasury teams to operate at unprecedented levels of efficiency,” says Khalil Hefaf, led the investment on behalf of Target Global.
01
These are the top UK-based PR agencies for startups and scale-ups in 2025