Palm Secures $6.1 Million Seed Funding for Growth
Palm, a pioneering financial technology firm focused on enhancing cash management for enterprise treasury teams, proudly announced today that it has secured a significant $6.1 million in seed funding. This funding round was spearheaded by distinguished investors Speedinvest and Target Global, both of which have been instrumental in supporting innovative tech ventures. Additionally, the investment attracted participation from Upfin, Liquid2, and Greens, with notable angel investors including Job van der Voort, the Founder and CEO of Remote, along with Philippe Teixeira da Mota, a former partner at Hedosophia. This influx of capital marks a crucial step for Palm as it seeks to further develop its groundbreaking platform and expand its reach within the financial sector.
At the heart of Palm's offerings is a platform that empowers treasury teams to make well-informed decisions regarding the movement of funds across numerous bank accounts and local subsidiaries.
By delivering a comprehensive overview of both historical and projected cash flows, Palm has effectively created a control panel that facilitates daily financial operations. Remarkably, it has been reported that companies utilizing Palm's platform have been able to reduce their operating cash balances by over 30%, while also surpassing human-generated forecasts in three out of four accounts. The founders of Palm, Gurjit Pannu and Christian Sobkowski, are driven by a shared vision to optimize the way that large enterprises manage their cash resources, leveraging their substantial experience from managing massive treasuries at prominent firms such as Uber and Levi’s.
Gurjit Pannu, who previously managed cash flow exceeding $3 billion a month at Uber, articulated the frequent challenges faced by treasury teams. He explained, “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.” Palm’s innovative solution is set to transform this landscape by not only consolidating essential data but also generating actionable guidance that enhances cash efficiency. As the company gears up for future growth, it plans to expand its workforce and establish greater partnerships within the industry, aiming to solidify its position as a leader in the evolving financial technology space.
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