Fintech startup Palm has announced a successful Seed funding round, raising $6.1 million to enhance enterprise cash management. This innovative platform aims to transform the way treasury teams manage cash flow across multiple bank accounts and subsidiaries globally.
Palm’s solution delivers a comprehensive overview of both historical and projected cash flows, serving as a central control panel for daily financial operations. The platform’s integration capabilities have led to a remarkable 30% reduction in operating cash balances and have outperformed traditional forecasting methods in 75% of accounts analyzed.
The company was founded by Gurjit Pannu and Christian Sobkowski, who bring extensive experience from managing billion-dollar treasuries and launching innovative financial products. Pannu, who previously oversaw $3 billion in monthly transactions at Uber, emphasized the critical need for more efficient cash management tools. “The complexity of managing funds across numerous accounts and countries can lead to severe operational challenges,” Pannu remarked. “Our platform addresses these issues head-on, offering a streamlined solution that reduces dependency on outdated systems.”
Co-Founder Sobkowski, known for his role in scaling Juni’s credit card program and expanding PayPal Lending across Europe, added, “Palm’s technology not only consolidates financial data but also provides actionable insights that enhance cash management efficiency. Our AI-driven forecasting model continually improves its accuracy, ensuring treasurers can focus on strategic financial planning rather than manual data entry.”
The funding round was spearheaded by Speedinvest and Target Global, with additional investments from Upfin, Liquid2, and Greens. Notable angel investors include Job van der Voort, Founder & CEO of Remote, and Philippe Teixeira da Mota, former partner at Hedosophia.
Olga Shikhantsova, Partner at Speedinvest, lauded Palm as a pioneer in financial technology. “Palm represents the next generation of tools designed to meet the evolving needs of CFOs. Their deep understanding of treasury management and innovative approach set them apart in a landscape ripe for transformation.”
Palm’s platform offers three primary features: Cash Forecasting, which provides precise account-level forecasts; Cash Positioning, which enhances operational efficiency through intelligent funding recommendations; and Reporting, which simplifies and accelerates the reporting process. These features can be utilized as a standalone solution or integrated with existing Treasury Management Systems (TMS) that lack advanced forecasting capabilities.
With this fresh capital, Palm plans to expand its team, establish strategic partnerships, and accelerate its growth across Europe, the UK, and the US. The platform’s closed beta is now opening to new customers, signaling an exciting phase for the company.
Editorial Opinion:
Palm is positioned to make a substantial impact on the enterprise financial technology sector. By addressing the long-standing inefficiencies in cash management and forecasting, Palm not only streamlines operations but also empowers treasury teams with advanced, AI-driven tools. This approach represents a significant leap forward from traditional methods reliant on manual processes and outdated software.
The fintech landscape is evolving rapidly, with enterprises increasingly seeking solutions that offer both precision and efficiency. Palm’s ability to deliver real-time insights and actionable recommendations aligns perfectly with these demands. As companies continue to grapple with the complexities of global financial management, Palm’s innovative platform stands out as a beacon of progress and potential.
The integration of AI into financial management is a game-changer, promising to enhance decision-making and optimize resource utilization. As Palm continues to develop and expand, its impact on the industry could be profound, setting new standards for how enterprises manage their cash flow and financial strategies.
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