Agicap, a French company also operating in Italy, reports that it has closed a €45 million Series C financing round led by AVP. Agicap develops a treasury management platform for small and medium-sized enterprises. The all-in-one solution provides management and finance departments with dynamic, real-time visibility into current, historical and forecast cash flow data, as well as a full suite of treasury management tools.
Cash management and forecasting have become top priorities for CFOs facing increasingly uncertain macroeconomic conditions. However, a recent survey of more than 500 European CFOs conducted by Agicap in collaboration with the research institute Innofact, revealed that 80 per cent of medium-sized companies still rely on Excel-based processes to manage and forecast their cash positions, a manual and time-consuming activity, and only 41 per cent make long-term cash forecasts.
“In the current economic conditions, the importance of cash management is paramount. Medium-sized companies have reached a level of complexity that makes it difficult to manage and optimise their cash strategy, given the need to monitor countless cash inflows and outflows between multiple entities with numerous bank accounts and currencies. Agicap automates the entire process, offering valuable insights in minutes,’ says Clément Mauguet, co-founder and chief expansion officer of the scaleup, in a note.
Agicap offers more than eight thousand companies the ability to simplify the consolidation of cash flow data through single, direct banking connectivity via local protocols, an extensive network of real-time APIs and SWIFT, and integration with a variety of tools in use in businesses, including ERP, financial and management control tools. The platform also offers effective levers to improve cash performance and simplify cash management, optimising corporate payment and expense management activities, customer collections, financing and financial investment management, and more.
“Medium-sized European companies lose around 450,000 euros per year in overdraft fees and lost financial revenues due to inefficient cash management. Agicap’s goal is to bring this figure close to zero,’ adds Sébastien Beyet, co-founder and CEO of Agicap (pictured).
After the Series B financing in 2021, led by GreenOaks Capital, Agicap multiplied its turnover seven-fold and consolidated its leading position in Europe by expanding into four new geographic areas (DACH, Italy, UK and Ireland, Spain), while demonstrating strong efficiency, with a forecast to generate positive cash flow in Europe by early 2025. The company also enhanced its treasury management solution with a new product offering such as payment automation and credit management, designed for medium-sized companies, and will use funds from the Series C financing to continue investing in its product, people and growth initiatives.
“AVP is excited to support Agicap in its next stage of growth as a lead investor in the Series C round. This represents the first European investment of AVP’s new €1.5bn late stage fund, a facility dedicated to supporting high-potential technology scaleups in Europe and the US. We are excited to invest in Agicap’s exceptional team as it continues its journey to become the next generation treasury management system globally. Agicap offers state-of-the-art technology and one of the most comprehensive product ranges with the highest accuracy. We have been deeply impressed by the company’s product-oriented culture, strong customer references, rapid growth, and ability to scale seamlessly in different markets. We look forward to being a long-term partner of Agicap as it continues on its global expansion path,” says Warda Shaheen, general partner, AVP
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