Palm, a financial technology firm based in Sweden and the Netherlands, has recently announced a significant milestone in its journey.
The startup, which is focused on optimising cash management for enterprise treasury teams, has successfully secured $6.1m in seed funding.
This financial backing comes from notable investors including Speedinvest and Target Global, with contributions from Upfin, Liquid2, and Greens. The round also saw participation from distinguished angel investors like Job van der Voort, Founder & CEO of Remote, and Philippe Teixeira da Mota, former partner at Hedosophia.
The company’s platform is designed to empower treasury teams by enabling informed decision-making regarding the movement of funds across numerous bank accounts and subsidiaries. By consolidating views of past and future cash flows, Palm offers a control panel that not only guides daily monetary transactions but also aims to reduce operating cash balances by over 30%, surpassing the predictions of existing human-generated forecasts in three out of four accounts.
Gurjit Pannu, co-founder and co-CEO at Palm, explained the necessity of their platform, stating, “Our platform not only consolidates data but generates guidance and recommendations that improve cash efficiency. This allows treasurers to spend less time generating reports and updating spreadsheets, and more time managing liquidity and strategic initiatives.”
The platform’s introduction is timely, as the European Association of Corporate Treasurers has consistently identified cash forecasting as a top priority for the past five years. Palm’s solution is distinguished by its quick implementation time, contrasting sharply with the protracted setups required by legacy systems. It equips treasury teams with an automated forecast that continuously refines its accuracy using a proprietary AI toolkit tailored to each business’s specific needs.
Olga Shikhantsova, Partner at Speedinvest, praised Palm’s potential, noting, “Palm represents the next generation of financial tools that are disrupting the enterprise CFO stack.
“As legacy software reaches end-of-life, CFOs are seeking AI-enabled solutions that can keep pace with their evolving needs. Palm’s deep understanding of treasury challenges, particularly from first hand experience by Gurjit across a wide breadth of organisations, combined with their innovative approach, positions them perfectly to lead this transformation.”
Palm plans to utilise the newly acquired funds to expand its team and strengthen its capabilities in product development, engineering, and market penetration. The company is actively hiring and aims to forge partnerships with major consultancies to accelerate its growth across Europe, the UK, and the US.
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