Cashforce solves forecasting challenge for treasuries, raises €5m funding
Belgian-based cash flow forecasting fintech Cashforce has raised €5 million in a Series A funding round led by Amsterdam-based INKEF Capital and New York-based Citi Ventures.
Existing investors Pamica NV, which is serial entrepreneur Michel Akkermans’ company, and Netherlands-based Volta Ventures have also chipped in to the round.
Founded in 2012, Cashforce has used AI-driven analytics and machine learning to create an accurate predictive cash flow tool which can manage capital for global finance and treasury departments.
The algorithmic tool works by giving these departments the ability to aggregate disparate data sets across their companies which means they can more accurately predict potential liquidity exposure, says Citi Ventures MD Ron Chakravarti.
“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,” says Chakravarti.
This shift to a ‘smart treasury’ is something Citi are trialing with a number of clients through third parties like Cashforce.
Fellow investor INKEF Capital’s MD Corné Jansen says “by addressing the deep-seated challenges for many corporates using automation and AI, Cashforce is well-positioned and has tremendous potential to significantly help enterprises.”
The fintech will use the new capital injection to expand its current presence globally and then extend its reach to new markets.