Cash flow forecasting FinTech Cashforce has announced a $5.5 million Series A funding round on Tuesday (Oct. 15) led by INKEF Capital and Citi Ventures, with Citi also announcing a strategic partnership with the company.
In a press release, Cashforce said existing investors Pamica, Volta Ventures and others also participated in the investment, which will be used to focus on expansion across borders.
Cashforce provides cash flow forecasting and working capital analytics technologies to support data integration for treasury and finance professionals. Headquartered in Antwerp, the company has opened offices in London, Copenhagen and Ghent, and expects to open offices in Zurich and Singapore.
In a statement, Ron Chakravarti, Citi managing director and global head of treasury advisory, pointed to "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."
In addition to providing funding, said Chakravarti, Citi plans to collaborate with Cashforce to connect its own corporate treasury clients with its cash flow management technology, which enables data aggregation across enterprise platforms.
"At Citi, we are running a number of experiments collaborating with our clients and FinTechs, such as Cashforce, empowering our clients' journey toward smart treasury,” he continued. “This journey moves them beyond descriptive analytics to decision support and decision automation, offering the opportunity to realize the promise of full automation of operational treasury."
In another co-statement, Cashforce Executive Chairman Michel Akkermans and CEO Nicholas Christiaen said cash flow forecasting continues to be "one of the most important challenges for treasurers worldwide."
"Our mission remains unchanged: delivering reliable technology that enables financial leaders to make high-caliber decisions," they added. "We are therefore very enthusiastic about our new global strategic banking partnership with Citi, jointly offering their corporate clients a crystal-clear future."