On common, Agicap’s purchasers handle 15 completely different financial institution accounts every. So the chief monetary officers (CFOs) working for these firms generally wrestle to guarantee that there can be sufficient cash in the precise checking account to pay workers 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 Collection C funding spherical of €45 million (round $48 million at present trade charges) from a single investor, AVP, the VC agency beforehand generally known as Axa Enterprise Companions.
The fintech startup beforehand raised $100 million, again in 2021, proper in the midst 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) 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.”
Slender focus — ‘enormous’ market
Agicap’s relative success comes all the way down to a slender give attention to treasury administration software program — it isn’t attempting to do every part without delay 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 examine Agicap did with 500 European CFOs of midmarket firms. When requested concerning the software of option to handle and forecast their money positions, 80% of them answered Excel.
It’s additionally price noting that Agicap’s primary 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 information from their current financial institution accounts, credit score establishments and ERP options. It then acts as a central repository to view every part 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 of 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 not too long ago, the startup added accounts payable and accounts receivable. These options enable you 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 so as to pay suppliers on time and use that information on your upcoming budgets.
The startup at the moment has 8,000 prospects with round half of them in France. Most of its remaining prospects are unfold throughout different European nations. “We give attention to 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 prospects, Agicap plans to make use of the funding to launch new options round credit score administration and overseas trade threat administration.
What about providing credit score merchandise instantly? “We don’t wish to turn into a financial institution,” mentioned Beyet. “In different phrases, we don’t wish to tackle the monetary threat of lending cash ourselves. We all know the way to make software program, and that’s what we intend to give attention to.”
