Belgium-based Cashforce, a cash management solution provider, has netted a â‚¬1m Series A funding round led by Volta Ventures.
Pamica NV, the investment firm of former Clear2Pay chairman and CEO Michel Akkermans, also participated in the Series. As part of the transaction, Volta Ventures and Akkermans will join the Cashforce board.
The company provides firms with smart cash flow management and forecasting solutions. Cashforce primarily serves capital-intensive businesses like multinational, multi-bank, multi-currency, multi-ERP, with revenues between â‚¬100m and â‚¬10bn.
Through the technology, finance teams can receive cash visibility, cash saving insights and manage credit facilities and working capital.
This capital injection will be used to support the development of its product and for the commercial rollout in Europe. The company, which also has offices in New York, is serving clients including Hyundai and Portucel, and this investment will support European expansion and partnerships with banks, private equity firms and financial consultants.
Last month, data governance and management company Collibra reportedly bagged a â‚¬40m investment led by ICONIQ Ventures. The company was originally founded in Belgium, but now operates from New York.
Singapore-based P2P cash management solution SoCash collected an undisclosed Series A investment late last year. The funding round was led by Vertex Ventures, and saw support from Standard Chartered Bank Singapore.
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