Swedish-Dutch startup, Palm — led by former Uber and PayPal executives has secured funding to modernise corporate cash management globally.
In notable fintech news, Palm, a Swedish-Dutch financial technology startup, has successfully secured $6.1M in seed funding to revolutionise enterprise treasury management. The funding round, which was led by prominent investors Speedinvest and Target Global, also saw participation from Upfin, Liquid2, Greens, and notable angel investors, including Job van der Voort, Founder and CEO of Remote, and Philippe Teixeira da Mota, a former partner at Hedosophia.
Palm’s innovative platform aims to streamline cash management for treasury teams by providing an all-in-one view of past and future cash flows, which is essential for making informed decisions about moving money across hundreds of bank accounts and subsidiaries. By optimising these daily operations, Palm claims to reduce operating cash balances by over 30% and outperforms existing human-generated forecasts in three out of four accounts.
Palm raises $6.1M to meet growing demand
As Palm raises $6.1M, the fintech company positions itself to address a critical need in the market. According to the European Association of Corporate Treasurers, cash forecasting has been the top priority for treasurers in Europe over the past five years. Palm’s solution is designed to meet this demand, offering a platform that can be implemented within weeks, a stark contrast to the lengthy setup processes associated with legacy systems.
The company’s Co-Founder and Co-CEO, Gurjit Pannu, brings over a decade of experience managing billion-dollar treasuries at leading companies such as Uber, Levi’s, and Remote. He saw a clear opportunity to significantly improve how large enterprises manage and move money, leading to the creation of Palm. “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,” said Pannu. He added, “Having implemented incumbent solutions three times to solve this without seeing meaningful change, we knew it was time to build something better.”
Disrupting the enterprise CFO stack
Palm’s AI-powered platform offers three core features: Cash Forecasting, which delivers account-level forecasts and automated accuracy scores; Cash Positioning, which drives operational and financial efficiency by replacing manual reviews of Excel sheets with policy-driven funding recommendations; and Reporting, which transforms traditional reporting cycles into a dynamic, intuitive process. These features collectively empower strategic decision-making and enhance liquidity management.
Co-Founder and Co-CEO Christian Sobkowski, who previously helped scale PayPal’s Lending business across Europe and built Juni’s credit card program, is focused on developing enterprise-ready financial infrastructure. He highlighted the engineering challenges, stating, “Behind the scenes, Palm’s engineering team is tackling the complexity of managing and moving billions of dollars on behalf of our customers. We have built sophisticated algorithms that accurately guide funds and systems and can reliably process financial data from hundreds of global sources in real-time. Wrapping all of that in a customer experience that’s intuitive to use has been a worthy challenge”
Expansion and future plans
With the new funding in place, Palm plans to expand its team across product, engineering, and go-to-market functions. This growth will support the company’s goal of becoming the financial tissue layer for global enterprises, enabling it to forge more partnerships with large consultancies and continue its expansion across Europe, the UK, and the US.
Olga Shikhantsova, Partner at Speedinvest, commented on the company’s potential, “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.”
Palm’s closed beta is now opening to new customers, with early adopters including publicly listed companies in both the US and Europe with an average turnover exceeding $1B.
