Palm Raises $6.1M Seed Round to Build the AI-Powered Treasury Operating System for Global Enterprises

September 4, 2024

Palm, a fintech company building treasury management infrastructure for enterprise treasury teams, has raised $6.1 million in seed funding. The round was led by Speedinvest and Target Global, with additional participation from Upfin, Liquid2, and Greens, alongside notable angel investors including Job van der Voort, Founder and CEO of Remote, and Philippe Teixeira da Mota, former partner at Hedosophia. Palm was co-founded by Gurjit Pannu and Christian Sobkowski, both veterans of enterprise treasury functions: Pannu spent over a decade managing billion-dollar treasury operations at Uber, Levi's, and Remote, while his co-founder brings complementary product and technology expertise. The company is incorporated in Sweden and the Netherlands, with commercial operations across Europe, the UK, and the US.

Corporate treasury management is a discipline that has changed remarkably little in practice despite the proliferation of fintech. Enterprise treasury teams at mid-to-large corporates typically juggle dozens to hundreds of bank accounts across multiple currencies, legal entities, and geographies. Understanding cash positions, forecasting future flows, and making daily decisions about where to move money to fund operations requires pulling data from multiple banking portals, consolidating it in spreadsheets, and generating reports that are often out of date by the time they are reviewed. According to the European Association of Corporate Treasurers, cash forecasting has been the top-ranked priority for European treasurers for the past five years — yet the tools available to address it have remained fundamentally manual and fragmented.

Palm's platform provides what it calls a Treasury Operating System: a unified, real-time view of cash across all bank accounts and subsidiaries, combined with AI-driven forecasting and cash positioning guidance. Its forecasting engine uses a proprietary AI toolkit calibrated to each individual business account, generating account-level predictions with automated accuracy scores rather than a single aggregate number. Its cash positioning module replaces daily manual reviews of multiple systems with smart, policy-driven funding recommendations that flag when cash needs to move and where. The platform can be implemented in weeks rather than the months typically required for legacy treasury management systems, reducing the barrier to deployment significantly for mid-market and enterprise clients.

Early commercial results are compelling. Palm reports that its platform has reduced operating cash balances by over 30% for clients — cash that was previously trapped in underfunded or over-funded accounts across a fragmented global structure — and outperforms existing human-generated forecasts in three out of four accounts. The platform was in closed beta at the time of the raise, with early adopters including publicly listed companies in the US and Europe with average annual revenues exceeding $1 billion. Pannu has described the daily challenge of managing cash across hundreds of accounts and dozens of countries from personal experience at Uber, where a failure to move money to the right account could result in a supplier's electricity being cut.

Speedinvest partner Olga Shikhantsova described Palm as the next generation of tools disrupting the enterprise CFO stack, noting that CFOs are actively seeking AI-enabled solutions as legacy treasury systems reach end-of-life. Target Global's Khalil Hefaf highlighted the team's ability to automate the manual tasks — data sourcing, pattern recognition, cash forecasting — that absorb treasury teams' time without adding analytical value. Palm intends to use the funding to expand its team across product, engineering, and go-to-market functions, and to forge partnerships with major consultancies to accelerate penetration across Europe, the UK, and North America.

Sources