Herentals – 13 January 2016 – Today Cashforce, a FinTech start-up, announced a €1 million Series A funding round led by Volta Ventures, marking the fund’s fourth investment of 2015. Pamica NV, the investment company of Michel Akkermans, former Chairman and CEO of financial technology company Clear2Pay, is co-investor. Both Volta Ventures and Michel Akkermans will join the Cashforce Board. Cashforce is helping large capital intensive businesses save time and money by offering cash flow visibility & pro-active cash saving insights. Cashforce will use the proceeds of this round to accelerate its product development and its commercial rollout in Europe.
“Cashforce is unique because it offers full transparency into what exactly drives the cash flow of complex (multinational, multi-bank, multi-currency, multi-ERP) enterprises, typically with revenues between € 100 million and € 10 billion.”, says Nicolas Christiaen, CEO of Cashforce. “It is the first cash management platform that builds a bridge between the treasury department and the actual business departments such as sales, logistics and purchasing.”
Unlike other enterprise software players, the Cashforce platform can be piloted within a few hours in complex environments, seamlessly connecting with any ERP system. CFOs and Finance departments can drill down to the cash flow drivers and smart algorithms are applied providing pro-active optimization actions. As a result, finance departments can be turned into business catalysts for cash generation opportunities throughout the company.
Cashforce will roll out its solution in the European market, partnering with banks, private equity firms & financial consultants. During the summer of 2015, Cashforce was selected as one of the 11 global FinTech companies in the Barclays Accelerator in New York, proving also its potential for the US market.
“Cashforce offers a very compelling solution for enterprises which want to better understand, forecast and optimize cash flows and working capital”, says Filip Vandamme, Managing Partner of Volta Ventures. “The Cashforce platform is both very intuitive and information rich, allowing for efficient root cause analyses and what-if simulations. Existing customers are very positive about their experience with the product and the company, and the impact on their business.”
“This funding round is an important step in the development of Cashforce and its customers”, adds Michel Akkermans, board member at Cashforce. “Now the Cashforce team can accelerate their growth by enabling more companies to achieve their mission in providing ultimate transparency into their cash flows.”
About Cashforce (www.cashforce.com)
Cashforce is a smart cash flow management and forecasting platform for large capital intensive businesses. Our technology is helping Finance departments save time and money by offering cash visibility & pro-active cash saving insights. Our platform is easy to use and install, and connects seamlessly with any ERP system. Cashforce is headquartered in Antwerp East, Belgium with an office in New York City serving customers such as Hyundai and Portucel among many others worldwide.
About Volta Ventures (www.volta.ventures)
Volta Ventures Arkiv invests in young and ambitious internet and software companies in the Benelux. The fund’s team, with active support from some 30 business angels, expects to make a substantial impact on every company it invests in by working with the founders and management to identify new markets and customers, hire senior talent, provide ongoing guidance and arrange further financing rounds. Volta Ventures Arkiv is supported by the European Investment Fund and ARKimedes-Fund II (an initiative of ParticipatieMaatschappij Vlaanderen NV and the Flemish Region).
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