On common, Agicap’s shoppers handle 15 completely different financial institution accounts every. So the chief monetary officers (CFOs) working for these firms typically wrestle to be sure that there will likely be sufficient cash in the best checking account to pay staff and suppliers throughout completely different subsidiaries, nations and currencies.
That’s additionally why they flip to Agicap to centralize cash-related information and forecast future money positions. The Lyon-based startup simply raised a Sequence C funding spherical of €45 million (round $48 million at present trade charges) from a single investor, AVP, the VC agency beforehand often known 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 trade 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) informed 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.”
Slender focus — ‘enormous’ market
Agicap’s relative success comes right down to a slender deal with treasury administration software program — it isn’t making an attempt to do all the things directly like most fintech startups.
It’s additionally a comparatively untapped market as many firms nonetheless depend on Excel and file exports from financial institution accounts and ERP software program. Proof of this lies in a latest research Agicap did with 500 European CFOs of midmarket firms. 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 principal clients are CFOs and monetary departments. And when groups in command of cash like a product they’re not going to unsubscribe anytime quickly.
Agicap clients can sync information from their current financial institution accounts, credit score establishments and ERP options. It then acts as a central repository to view all the things 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 idea 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 aid you receives a commission quicker as you possibly can see pending invoices and nudge clients in case they’re late. Equally, Agicap imports buy orders in an effort to pay suppliers on time and use that information to your upcoming budgets.
The startup at the moment has 8,000 clients with round half of them in France. Most of its remaining clients are unfold throughout different European nations. “We deal with mid-sized firms, 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 further funds to proceed our growth. However we consider our market is large,” he added.
Along with hiring new individuals to seek out new clients, Agicap plans to make use of the funding to launch new options round credit score administration and international trade threat administration.
What about providing credit score merchandise instantly? “We don’t need to turn into a financial institution,” mentioned Beyet. “In different phrases, we don’t need to tackle the monetary threat of lending cash ourselves. We all know tips on how to make software program, and that’s what we intend to deal with.”
