Palm funding news – Swedish-Dutch based Palm Secures €5.5 Million in Seed Funding

Treasury teams can use Palm's platform to make well-informed judgments when transferring funds between hundreds of bank accounts and regional subsidiaries. Palm generates a control panel that directs daily money movement by offering an integrated view of historical and future cash flows. This allows the company to reduce operating cash balances by over 30% and beat current human-generated estimates in three out of four accounts.

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The creators of the company have set out to optimise resource allocation for the world's leading corporations in order to steer financial resources. Gurjit Pannu, co-founder and co-CEO of Palm, has over ten years of experience managing billion-dollar treasuries at firms such as Uber, Levi's, and Remote. He recognized an opportunity to dramatically change the way businesses handle and move money.

Christian Sobkowski, his co-founder and co-CEO, has experience introducing cutting-edge financial products; he grew PayPal's lending business throughout Europe and took Juni's credit card program from zero to a $106 million debt raise.

Responsible for moving $3 billion a month while he was at Uber, Gurjit Pannu said: “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. Having implemented incumbent solutions three times to solve this without seeing meaningful change, we knew it was time to build something better”.

Palm's offering fills a significant gap in the industry. Cash forecasting has been European treasurers' top priority for the last five years, according to the annual study conducted by the European Association of Corporate Treasurers.

The platform differs from traditional systems, which frequently need drawn-out setup procedures, in that it may be implemented in weeks as opposed to months. The automated forecast that treasury teams are then provided uses a proprietary AI toolkit that is unique to each business account and is getting more accurate over time.

Olga Shikhantsova, Partner at Speedinvest said, “Palm represents the next generation of financial tools that are disrupting the enterprise CFO stack, As legacy software reaches end-of-life, CFOs are seeking AI-enabled solutions that can keep pace with their evolving needs. Palm’s deep understanding of treasury challenges, particularly from first hand experience by Gurjit across a wide breadth of organisations, combined with their innovative approach, positions them perfectly to lead this transformation.”

With the money, Palm intends to grow its workforce and is actively hiring in the areas of product, engineering, and go-to-market to support the development of its financial infrastructure for multinational corporations. The purpose of this increase in employment is to allow Palm to continue expanding throughout Europe, the UK, and the US, as well as to establish more collaborations with major consultancies.

Khalil Hefaf, who led the investment on behalf of Target Global said, “We’re thrilled to support Palm as they revolutionise enterprise treasury operations. The team’s unique insight into the industry’s complexities, combined with their ability to automate manual tasks such as data sourcing, pattern recognition, and cash forecasting, will empower treasury teams to operate at unprecedented levels of efficiency,”.

About Palm

Palm started out by promising to provide treasurers with top-notch tools. to provide them with access to cutting-edge technologies in order to transform their perspective on cash forecasting and reporting. converting a labor-intensive duty into a rapid and automated process out of a crucial business task. They are going to fix the underutilization of treasurers' access to excellent systems. Implementing Palm is simple; end-to-end onboarding may be finished in a few short weeks.