Antwerp-based fintech Cashforce has raised €5 million in a Series A funding round led by INKEF Capital and Citi Ventures.
Cashforce is a a cash forecasting and working capital analytics platform focused on automation and data integration. The platform helps finance and treasury departments save time and cash by offering accurate cash flow forecasting through ERP & TMS integration, advanced analytics and machine learning. Founded in 2012, the startup has offices in Amsterdam, New York, London and Copenhagen.
Existing investors Pamica NV, the investment company of Michel Akkermans, and Volta Ventures are co-investing and reinforcing their commitment to the company.
This funding round will accelerate 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,” said 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.
”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.”
“Cash forecasting still remains one of the most important challenges for treasurers worldwide,” stated executive chairman Michel Akkermans and CEO Nicolas Christiaen. “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.”