London-based cash flow management startup Palm, which automates cash flow forecasting and movement with high security and efficiency, has raised $6.1 million in a seed funding round led by Speeinvest and Target Global. The fresh funding will enable the startup to grow its team.
- Founded in 2023 by Gurjit Pannu and Christian Sobkowski, Palm offers an AI-powered platform that delivers highly accurate cash flow forecasts and advises treasury teams on the best fund movements, ensuring liquidity and alignment with strategic priorities.
- The startup is currently in closed beta, serving large enterprises across Europe and North America, including clients listed on NASDAQ and NYSE.
Details of the deal
- The fresh funding was led by Speedinvest, a Vienna-based venture capital firm managing over €1 billion in assets with operations in several European countries, including Germany, the UK, France, and Austria, and Target Global, a London-based firm with over €3 billion in assets under management that supports tech startups across Europe.
"Palm represents the next generation of financial tools disrupting the enterprise CFO stack. As legacy software reaches end-of-life, CFOs want AI-enabled solutions that can keep pace with their evolving needs. Palm's deep understanding of treasury challenges, Gurjit and Christian's first-hand experience, and innovative approach, positions them perfectly to lead this transformation," Partner (Fintech) at Speedinvest, Olga Shikhantsova, stated.
- The round also saw participation from Upfin.vc , Liquid 2 Ventures , Greens Ventures, and various business investors.
- With the fresh capital, Palm plans to expand its workforce by hiring additional product and engineering staff.
