Highbeam Raises $10M to Expand Cash Management Platform

Highbeam has raised $10 million to expand the reach of its products for eCommerce customers.

The startup provides banking features, credit and cash flow insights to its eCommerce customers, TechCrunch reported Monday (Feb. 13).

“We’ve been working closely for months with a select number of brands as launch partners and are now excited to onboard our next set of customers,” Highbeam Co-Founder Samir Shergill said in a Twitter post that linked to the TechCrunch report.

Highbeam typically works with companies that are “founder led” and have revenues of greater than $1 million, according to the report.

These companies can use the platform to create bank accounts, use free wire transfers, get a 2% cash back debit card, and gain insights and forecasts on their business expenses, the report said.

Shergill said on LinkedIn that effective cash management is critical for omnichannel brands, that there are very few purpose-built tools for brands to manage their cash flow and that it takes the right banking partner to understand and solve this challenge.

“Cash flow and profitability are top concerns of brand owners — but incredibly hard to manage effectively,” Shergill said in the post. “We believe the solution requires a purpose-built platform that combines banking, capital and insights.”

PYMNTS research has found that 54% of chief financial officers (CFOs) say liquidity and cash management is their top challenge.

These decision-makers need real-time visibility and control over a growing array of banking accounts, and they need powerful tools that can help them make projections in a time of uncertainty, according to the “Corporate Cash Management Playbook: How Digital and Cloud Technology Can Empower CFOs,” a report done by PYMNTS in collaboration with Red Hat, Infosys Finacle and Intel.

Another firm working to meet this need is Kyriba, which announced in September that it has added an artificial intelligence (AI) cash management tool to its array of cloud-based finance and information technology offerings.

“As interest rates continue to rise, an imprecise forecast translates to underinvested cash and inefficient borrowing,” Kyriba Global Head of Market Strategy Bob Stark said at the time. “Since the opportunity cost of cash is also increasing, CFOs are demanding greater confidence in their cash forecasts to optimize enterprise liquidity.”