Belgian Fintech startup Cashforce raises $5.5 million Series A to help finance and treasury departments save time and money

Cashforce, a Belgium-based fintech startup that is focused on the improvement and automatization of Cash and Treasury processes in medium to large enterprises, has closed $5.5 million (€5 million) in Series A funding to accelerate global growth and presence in new markets.. 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. Cashforce has raised a total of €8M in funding over 4 rounds. Its latest funding was raised on Oct 15, 2019 from a Series A round.

Founded in 2013 by Bart Claes and Nicolas Christiaen, the Antwerp, Belgium-base Cashforce provides an innovative Cash Forecasting & Working Capital Analytics Platform, focused on automation and data integration. As a ‘next-generation’ treasury solution, our platform helps finance/treasury departments save time and cash by offering accurate Cash flow forecasting through ERP & TMS integration, advanced analytics & machine learning. Cashforce is headquartered in Antwerp with offices in Amsterdam, New York, London and Copenhagen. Our platform is used globally by clients such as Pearson and Staples.

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.

“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.”