Agicap, a Lyon-based treasury management platform, has raised €45M in a Series C funding round led by AVP. This funding round marks a significant step for the company as it aims to enhance its offerings and expand its presence in international markets. The company, which started in 2016, has been focusing on providing mid-market companies with comprehensive treasury management tools and real-time cash flow data. Over the years, Agicap has established itself as a reliable partner for over 8,000 companies, effectively managing complex financial processes.
Three years ago, Agicap secured €82M in a Series B round, signaling a strong growth trajectory. At that time, the focus was on scaling operations within France and gradually entering new markets. The current funding allows Agicap to further expand its reach, particularly outside France, where it already generates over half of its revenue. The company plans to strengthen its sales and customer success teams globally, aiming to replicate its local success.
How Will the New Funds Be Utilized?
Agicap plans to use the new funds to invest in product development, personnel, and growth strategies. By expanding its sales and customer support teams, the company aims to better serve its clients internationally. Additionally, Agicap intends to enhance its go-to-market strategies by developing indirect channels through partnerships and system integrators. This strategic approach is designed to maintain a high level of expertise and meet customer expectations.
Why Is Excel Still Prevalent in Cash Management?
Despite advancements in technology, a recent survey by Agicap found that 80% of mid-market firms still rely on Excel for cash management and forecasting. This method is labor-intensive and often lacks long-term forecasting capabilities. The survey suggests that the traditional focus of financial tools on accounting left a gap in dedicated treasury management solutions. As interest rates rise, companies are increasingly recognizing the need for specialized tools to manage their finances effectively.
Agicap’s co-founder and CEO, Sébastien Beyet, emphasizes the importance of evolving beyond basic financial tools to more sophisticated systems that align with current economic conditions. The company seeks to address this gap by offering a platform that integrates with banks and ERPs, providing a comprehensive view of cash positions.
Since its Series B funding, Agicap has expanded its revenue significantly and entered new markets, including the DACH region, Italy, the UK & Ireland, and Spain. This growth is complemented by new product features like accounts receivable automation and spend management, tailored to meet the needs of larger mid-market clients. By continuing to innovate, Agicap positions itself as a leader in the burgeoning field of treasury management for mid-sized businesses.
As the company progresses, it remains focused on placing cash culture at the forefront of business strategy, engaging various departments beyond finance. This holistic approach is designed to improve cash performance, enhance forecasting accuracy, and streamline financial operations.
