This week, Belgium fintech Cashforce announced it has secured €2 million through its Series A funding round, which is led by Volta Ventures and Michel Akkermans. Founded in 2012, the company states it enables CFOs of medium-sized global companies to generate a detailed & accurate cash forecast by applying smart analytics to the company’s ERP data as well as the banking data.
“Our state-of-the-art Cashforce Platform accelerates the cash flow improvement by processing data from banking systems & ERP systems (SAP, NAV, Dynamics, Sage etc.) as well as managing recurring cash flows (e.g. salaries, loans, leasings…). As a result, in a matter of days, CFOs at international mid-size companies and large corporates, will obtain full transparency in their cash flows (cross-entity, cross-bank account, cross-currency) On top of that, Cashforce serves as a unique financing market place, where CFOs can simulate the impact of different financing solutions on their future cash position and choose from relevant providers. A quicker & more accurate view on their cash will make organisations ‘cash lean’ !”
While more sharing details about the company, Nicolas Christiaen, CEO and co-founder of Cashforce, reportedly stated:
“Cash management & Treasury is evolving from a focus on data acquisition to Treasury automation and data analysis, enabling Treasury departments to bridge the gap between the Finance and other operational departments and enable data-driven strategic decision making. On top of that, Cash flow forecasting has become the major focus of the industry. This investment also re-confirms our investors’ confidence in the leadership that Cashforce has established in the Treasury space, our continued rapid growth and the potential to re-define the category.”
Akkermans also commented:
“Cashforce has brought a very compelling solution to the corporate Cash management market, which is clearly seen in its results. Since its last financial injection in early 2016, Cashforce has demonstrated a rapid growth, including well over 100% annually recurring revenue growth.”
Cashforce then added Akkermans will become Chairman of the board.