Gurjit Pannu and Christian Sobkowski, co-founders of Palm, have leveraged their financial backgrounds to create a platform that aims to revolutionize cash management for enterprise treasury teams. With experience at Uber and PayPal respectively, Pannu and Sobkowski understand the importance of effective cash flow management and the challenges faced by large corporations in moving money across various bank accounts globally.
Palm, launched in 2023, has recently announced a $6.1 million seed round led by Speeinvest and Target Global. The platform offers an all-in-one solution that allows businesses to efficiently move money between hundreds of bank accounts and subsidiaries. Unlike traditional treasurer systems that often require months for setup, Palm’s platform streamlines the process, taking only weeks. Moreover, it has an automated feature that provides tailored cash forecasting, outperforming human models at least 75% of the time.
Pannu reminisces about the struggles he faced at Uber, where forecasting and money movements were managed in spreadsheets due to the lack of reliable treasury management systems. The company had to resort to workarounds and costly customization, which proved to be time-consuming and redundant in the long run. Palm’s platform aims to address these challenges, offering a more reliable and efficient solution.
The executive of payments may seem straightforward for many companies, but Pannu emphasizes that the decision-making process leading up to it can be arduous. Treasury teams must retrieve balances across hundreds of accounts, determine funding needs, ensure timely payments, and navigate complex entity structures for compliance. The level of manual work involved calls for automation, which Palm aims to provide.
While Palm has clients listed on the NASDAQ and NYSE, the company has not disclosed their names. The recent funding will be used to expand the team, particularly in product and engineering. Palm’s closed beta is currently accepting new customers, with plans to end the beta at the close of this year.
In conclusion, Palm’s innovative platform offers a comprehensive solution for cash management, streamlining processes that have traditionally been time-consuming and prone to error. With their expertise in financial services, Pannu and Sobkowski have created a platform that is poised to revolutionize cash flow management for enterprise treasury teams, providing them with greater efficiency and accuracy in their operations.