Panax, an innovative FinTech, has successfully raised $15 million in its latest funding round. The investment was led by Team8 and TLV Partners.
The company, founded by Noam Mills, CEO; Sefi Itzkovich, CTO; and Niv Yaar, CBO, offers an AI-driven cash flow management platform designed to empower mid-market and large companies with complex treasury management needs. Panax’s solution consolidates data directly from banks and ERP systems into a unified platform, providing real-time access to cash positions and critical insights.
With finance teams increasingly challenged by managing numerous bank accounts, fintech solutions, locations, currencies, and entities, Panax’s platform offers a comprehensive solution. Customers report significant savings on interest payments and increased cash invested in interest-bearing accounts. Automation streamlines processes, saving valuable time and enabling teams to focus on more strategic activities.
Mackenzie Moore, VP of Finance at Oddity, a publicly traded company in the U.S., expressed, “The automated data collection and analysis, and proactive alerts helped us automate our cash policies. This saves us not only money, but also many hours of manual work that we can now spend on more strategic activities.”
Panax addresses the gap in the market by providing simpler, more accessible solutions for lean finance teams. By integrating Open Banking and GenAI technologies, the company streamlines and automates financial processes, enhancing operational efficiency.
Gartner has identified financial forecasting as the top use case for AI in corporate finance, and Panax utilizes AI to enhance various capabilities including transaction categorization, proactive reporting, and trends analysis.
The funding round of $15 million will be instrumental in accelerating Panax’s growth. It will enable the company to scale sales and support teams, expand its U.S. presence with a New York City office, and increase product development resources to meet the high market demand for its cutting-edge treasury management solutions.
CEO Noam Mills highlighted the company’s mission, stating, “In our previous roles, we couldn’t ignore the struggle of finance teams in companies with complex treasury operations. That’s why we created Panax.”
Panax’s success in doubling its number of customers in the first quarter of 2024 underscores its rapid traction in the market, positioning it as a key player in reshaping cash flow management and treasury solutions.
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