Palm, a FinTech startup, has raised $6.1 million in seed money to enhance cash forecasting for enterprise treasury teams, helping them manage funds more efficiently.
Upfin, Liquid2, Greens, and Speedinvest led the financing round. Target Global and Upfin also participated. Famous angel investors include Philippe Teixeira da Mota, a former partner of Hedosophia, and Job van der Voort, the founder and CEO of Remote.
With the money, Palm intends to grow its workforce and is actively hiring in the areas of product, engineering, and go-to-market to support the development of its financial infrastructure for multinational corporations.
Treasury teams can use Palm’s platform to make well-informed judgments when transferring funds between hundreds of bank accounts and regional subsidiaries. Further, Palm generates a control panel that directs daily money movement by offering an integrated view of historical and future cash flows. This allows the company to reduce operating cash balances by over 30% and beat current human-generated estimates in three out of four accounts.
About Founders:
The founders have set out to optimize resource allocation for the world’s leading corporations to steer financial resources. Gurjit Pannu, co-founder and co-CEO of Palm, recognized an opportunity to dramatically change the way businesses handle and move money. Christian Sobkowski, another co-founder and co-CEO, has experience introducing cutting-edge financial products; he grew PayPal’s lending business throughout Europe and took Juni’s credit card program from zero to a $106 million debt raise.
Gurjit Pannu, co-founder and co-CEO of Palm said:
“Imagine your electricity being cut off due to insufficient funds because of not moving money to your current account promptly. Imagine it now occurring over several dozen nations and hundreds of accounts. Moreover, for treasury teams, managing several systems to monitor and forecast cash flow across international businesses is a daily task. Therefore, we felt it was time to create something better because after attempting to solve this problem three times with the current solutions, we did not see any significant progress.”
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Palm’s offering fills a significant gap in the industry. Cash forecasting has been European treasurers’ top priority for the last five years, according to the annual study conducted by the European Association of Corporate Treasurers. The platform differs from traditional systems, which frequently need drawn-out setup procedures, in that it may be implemented in weeks as opposed to months. The automated forecast that treasury teams are then provided uses a proprietary AI toolkit that is unique to each business account and is getting more accurate over time.
Investors Statements:
Olga Shikhantsova, a partner at Speedinvest, stated:
“Palm represents the next generation of financial tools that are disrupting the enterprise CFO stack. CFOs are searching for AI-enabled solutions that can keep up with their changing needs as old software approaches its end of life. With their creative approach and in-depth knowledge of treasury difficulties, especially from Gurjit’s first-hand experience in a variety of organizations, Palm is well-positioned to spearhead this transition.”
Target Global’s investment lead, Khalil Hefaf, said:
“We’re excited to work with Palm to transform corporate treasury processes. The team’s ability to automate manual tasks like data sourcing, pattern recognition, and cash forecasting, along with their unique insight into the industry’s complexities, will empower treasury teams to operate at unprecedented levels of efficiency.”
