Cashforce raises €5 million in series a funding led by INKEF Capital & Citi Ventures

| 18-10-2019 | treasuryXL | Cashforce |

Cashforce, a Fintech leader in Cash forecasting & Working capital management, announced that it has closed € 5 million in Series A funding. The growth financing round was led by INKEF Capital and Citi Ventures. The existing investors Pamica NV, the investment company of Michel Akkermans, and Volta Ventures, are co-investing and reinforcing their commitment to the company.

Since 2018, Cashforce has demonstrated hyper-growth by developing multiple partnerships and by streamlining Cash forecasting processes & Working capital management for enterprise customers globally. New offices have been opened in London, Ghent and Copenhagen in 2019, with others (Zurich, Singapore…) to follow soon.

This funding round will accelerate global growth and presence in new markets.

“With the help of Cashforce’s technology, the way cash flow forecasts are generated and Working capital is managed can be radically transformed. By addressing these deep-seated challenges for many corporates using automation and AI, Cashforce is well-positioned and has tremendous potential to significantly help enterprises,” commented Corné Jansen, Managing Director of INKEF Capital.

”There is an increasing appetite in corporate treasury for integrated decision support tools from their banks for the next investment, fund or hedge action going beyond what their existing systems can provide today. 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,” said Ron Chakravarti, Citi Managing Director, Global Head – Treasury Advisory.

Executive Chairman Michel Akkermans and CEO Nicolas Christiaen stated: “Cash forecasting still remains one of the most important challenges for treasurers worldwide. The last three years have been very fruitful for us, developing our solution and broadening our eco-system through partnerships with global banks, treasury consultants and bank connectivity partners. Our mission remains unchanged: delivering reliable technology that enables financial leaders to make high-caliber decisions. We are therefore very enthusiastic about our new global strategic banking partnership with Citi, jointly offering their corporate clients a crystal-clear future.”

About INKEF Capital

INKEF Capital is an Amsterdam-based venture capital firm that focuses on long-term collaboration and active support of innovative technology companies. INKEF Capital was founded in 2010 by Dutch pension fund ABP and with €500 million under management is one of the largest venture capital funds in the Netherlands. INKEF focuses on investment opportunities in Healthcare, Technology, IT/New Media & FinTech.

About Citi Ventures

Citi Ventures ignites change and reimagines solutions that drive economic progress for clients. Headquartered in Silicon Valley with offices in San Francisco, New York, London and Tel Aviv, Citi Ventures accelerates discovery of new sources of value by exploring, incubating and investing in new ideas, in partnership with Citi colleagues, our clients, and the innovation ecosystem.

About Pamica 

Pamica is the investment company of Michel Akkermans, is a serial entrepreneur in Fintech companies. Amongst others, he was the Chairman and CEO of successful companies such as FICS and Clear2Pay. After the global payment solution company Clear2Pay was acquired by FIS in 2014, he became an active investor and board member in several companies and private equity organizations, as well as a venture partner and Chairman of Volta Ventures.

About Volta Ventures 

Volta Ventures Arkiv invests in young and ambitious internet and software companies in the Benelux. The fund has € 55 million under management and is supported by EIF and PMV.