Palm, a fintech company headquartered in Sweden and the Netherlands, developed a platform to streamline cash management for enterprise treasury teams. The firm secured $6.1 million in Seed funding, aiming to revolutionize cash flow management for large organizations. This funding will enable Palm to scale its operations and enhance its product offerings, targeting markets across Europe, the UK, and the US.
Palm has previously garnered attention for its innovative approach to treasury management. The company’s platform has been lauded for its effectiveness in reducing operating cash balances significantly. Unlike conventional solutions that often require extensive implementation periods, Palm offers a more expedited setup process, providing actionable insights and cash flow forecasts with greater accuracy.
In comparison, earlier fintech solutions in the treasury space focused primarily on data consolidation without offering predictive capabilities. Palm’s AI-driven tools not only provide an all-encompassing view of financial operations but also suggest strategic actions to optimize cash flow. This represents a shift from traditional methods reliant on manual input and human judgment, making it a noteworthy advancement in the fintech sector.
Streamlining Treasury Operations
Palm’s platform allows treasury teams to make well-informed decisions on the allocation of funds across various accounts and subsidiaries. By offering a comprehensive view of both past and future cash flows, the platform functions as a control panel, guiding daily financial operations. Palm claims to have reduced operating cash balances by over 30% while outperforming human-generated forecasts in the majority of cases.
“Imagine your electricity getting cut because of insufficient funds due to not moving money to your current account in time. Now imagine that across hundreds of accounts and dozens of countries. That’s the daily challenge for treasury teams — juggling multiple systems to track and predict cash flow across global operations.”
Investment and Future Plans
Speedinvest and Target Global led the investment round, with participation from Upfin, Liquid2, and Greens. The funding will be used to expand Palm’s team, forge partnerships with large consultancies, and continue its international expansion. Notable angel investors include Job van der Voort, founder & CEO of Remote, and Philippe Teixeira da Mota, former partner at Hedosophia.
“Palm represents the next generation of financial tools that are disrupting the enterprise CFO stack,” said Olga Shikhantsova, Partner at Speedinvest. “As legacy software reaches end-of-life, CFOs are seeking AI-enabled solutions that can keep pace with their evolving needs.”
The platform provides three main features: Cash Forecasting, Cash Positioning, and Reporting. These tools enable treasurers to replace cumbersome Excel reviews with policy-driven recommendations, transforming reporting cycles into a more intuitive process. Palm’s system can function as a standalone solution or integrate with existing treasury management systems (TMS) lacking advanced forecasting capabilities.
Palm is now opening its closed beta to new customers, further demonstrating its readiness to extend its innovative solutions to a broader audience. This development signals Palm’s commitment to advancing cash management practices through cutting-edge technology and strategic partnerships.
The decision to expand its team and partnerships signals Palm’s ambitious growth strategy. With a focus on providing AI-driven financial tools, Palm is well-positioned to lead the transformation of enterprise treasury management. The platform’s unique features and quick implementation time make it a competitive option in the fintech market.
