Cashforce, a Belgium fintech focused on cash forecasting and working capital management, announced on Tuesday it secured €5 million through its Series A funding round, which was led by INKEF and Citi Venture with participation from Pamica NV and Volta Ventures.
Founded in 2012, Cashforce describes itself as a platform focused on automation and integration. The company claimed as a “next-generation” cash management solution it helps finance and treasury departments save time and money by offering accurate cash flow forecasting, flexible treasury reporting, and automation.
“Cashforce is unique in its category, because it allows users to drill down to the transaction level details and the system integrates seamlessly with ERP systems & banking systems. In addition, an intelligent simulation engine enables companies to consider multiple cash flow scenarios and measure their impact. As a result, finance / treasury departments can be turned into business catalysts for cash generation opportunities throughout the company.”
Speaking about the investment round, Corné Jansen, Managing Director of INKEF Capital, stated:
“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.”
Executive Chairman Michel Akkermans and CEO of Cashforce, Nicolas Christiaen, added:
“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.”
Funds from the investment round will be used to accelerate global growth and presence in new markets.