On common, Agicap’s purchasers handle 15 totally different financial institution accounts every. So the chief monetary officers (CFOs) working for these corporations generally battle to guarantee that there will likely be sufficient cash in the correct checking account to pay workers and suppliers throughout totally different subsidiaries, international locations and currencies.
That’s additionally why they flip to Agicap to centralize cash-related knowledge and forecast future money positions. The Lyon-based startup simply raised a Collection C funding spherical of €45 million (round $48 million at present change charges) from a single investor, AVP, the VC agency beforehand referred to as Axa Enterprise Companions.
The fintech startup beforehand raised $100 million, again in 2021, proper in the course of the digital funding frenzy across the pandemic. On the time, the corporate reached a valuation of €415 million (or round $450 million at present change charges). The worth of the enterprise has since inflated “considerably”, per Agicap, although it isn’t disclosing by how a lot.
“We aren’t disclosing the precise valuation, however we’ve got managed to extend it considerably since 2021,” co-founder and CEO Sébastien Beyet (pictured above) advised TechCrunch. Pressed on this he gave us a touch of the brand new valuation: Les Échos beforehand reported that Agicap was elevating at a valuation between €700 million and €800 million (or $750 million to $860 million) — and Beyet mentioned: “We’re sticking with this vary.”
Slim focus — ‘enormous’ market
Agicap’s relative success comes all the way down to a slender deal with treasury administration software program — it isn’t making an attempt to do every little thing without delay like most fintech startups.
It’s additionally a comparatively untapped market as many corporations nonetheless depend on Excel and file exports from financial institution accounts and ERP software program. Proof of this lies in a latest examine Agicap did with 500 European CFOs of midmarket corporations. When requested concerning the instrument of option to handle and forecast their money positions, 80% of them answered Excel.
It’s additionally price noting that Agicap’s fundamental prospects are CFOs and monetary departments. And when groups answerable for cash like a product they’re not going to unsubscribe anytime quickly.
Agicap prospects can sync knowledge from their present financial institution accounts, credit score establishments and ERP options. It then acts as a central repository to view every little thing associated to previous and future money flows. However Agicap isn’t only a visualization dashboard; customers can provoke and schedule transfers instantly from its interface, too.
“We expect that we’ll be capable to use money administration as the premise for what we name the CFO suite, and supply different instruments to CFOs and treasurers,” Beyet mentioned.
In that vein, extra lately, the startup added accounts payable and accounts receivable. These options allow you to receives a commission sooner as you’ll be able to see pending invoices and nudge prospects in case they’re late. Equally, Agicap imports buy orders to be able to pay suppliers on time and use that knowledge on your upcoming budgets.
The startup presently has 8,000 prospects with round half of them in France. Most of its remaining prospects are unfold throughout different European international locations. “We deal with mid-sized corporations, with an annual income of €5 million to €10 million on common — and as much as €500 million,” Beyet mentioned.
“We’ve already reached a break-even place on a money foundation for this quarter. So we didn’t want to lift any extra funds to proceed our improvement. However we consider our market is big,” he added.
Along with hiring new individuals to search out new prospects, Agicap plans to make use of the funding to launch new options round credit score administration and overseas change danger administration.
What about providing credit score merchandise instantly? “We don’t need to change into a financial institution,” mentioned Beyet. “In different phrases, we don’t need to tackle the monetary danger of lending cash ourselves. We all know methods to make software program, and that’s what we intend to deal with.”
