Cashforce, a cash forecasting and working capital management startup, has secured ?5m in its Series A round.
The capital injection was led by INKEF Capital and Citi Ventures, with existing investors Pamica NV, the investment company of Michel Akkermans, and Volta Ventures also contributed.
Following the close, the company will look to accelerate its global growth and its presence in new markets.
Cashforce is a smart cash flow management solution which helps businesses access cashflow analytics and forecasting and working capital analytics. The solution provides a real-time view of cashflows from all data sources, giving teams cash visibility, saving insights, and credit facility and working capital management tools.
The FinTech opened new offices in London, Ghent, Belgium and Copenhagen in 2019 and is to open ones in Zurich and Singapore in the near future.
Citi managing director Ron Chakravarti said, ?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.p>
Last year, the company collected a ?1m in its Series A funding round from backers including Volt a Ventures, and former Clear2Pay chairman and CEO Michel Akkermans.
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