Palm, founded by former Uber and PayPal executives, aims to streamline cash flow management for large companies
Gurjit Pannu recalls the movement of billions of dollars in currency across bank accounts worldwide while working at Uber, and he immediately recognized the significance of effective cash flow management.
Christian Sobkowski, on the other hand, reflects on his tenure in the financial services industry, particularly at PayPal, where he played a vital role in the company’s expansion throughout Europe.
It is, therefore, unsurprising that the two individuals elected to collaborate as co-CEOs, combining their financial expertise to establish a company that, in retrospect, would have significantly simplified Pannu’s previous day job.
Sobkowski told TechCrunch, “It was evident that the best talent needed to be brought in to rethink how the largest corporations move cash around the world, as Treasury teams were responsible for determining these flows.”
Palm, introduced in 2023 to simplify cash administration for enterprise treasury teams, is the outcome. Speeinvest and Target Global are the lead investors in a $6.1 million exploratory round announced today.
The organization has developed a comprehensive platform that enables businesses to transfer funds between numerous bank accounts and subsidiaries more efficiently.
With Palm’s platform, businesses can more efficiently transfer funds between hundreds of bank accounts and subsidiaries.
The founders assert that the establishment process is expedited by weeks, as opposed to the months required by traditional treasurer systems, and it monitors daily money movement.
It also includes an automated feature that, according to the company, outperforms human models at least 75% of the time by providing customized currency forecasting.
During his tenure at Uber, Pannu reflected, “Despite the existence of a treasury management system, the forecasting and money movements were conducted in spreadsheets due to the unreliability of the systems we employed.”
“To satisfy our specifications, they necessitated numerous workarounds and expensive customizations.”
“We were unable to allocate the necessary time or resources to customizing a process within the tool that would subsequently become redundant, as our business is constantly changing.”
According to Pannu, the executive of payments is relatively straightforward for numerous organizations. However, the process of decision-making and friction that precedes such decisions is “arduous.”
Pannu outlined that treasury teams must retrieve balances from hundreds of accounts, comprehend the funding requirements for these accounts, ascertain the appropriate commercial instrument for the movement, and determine the timing of the payment to ensure it is received on time.
“To guarantee compliance, teams must also ensure that the funds adhere to a complex map across entity structures.”
In other words, a substantial amount of labor could benefit from automation.
Palm declined to disclose the names of its clients listed on the NASDAQ and NYSE. Palm intends to to augment its engineering and product teams by leveraging the fundraising effort by leveraging the fundraising effort.
New consumers are also being accepted into the organization’s closed beta. The organizatiobeta program concludes after this year.
