Agicap, the Lyon-based fintech startup, has secured a $48 million Series C funding round from AVP, the VC firm previously known as Axa Venture Partners. The fresh capital will help the company expand its reach and develop new features for its cash flow management platform.
Founded in 2018, Agicap targets mid-sized companies struggling to keep track of their cash flow across multiple bank accounts, subsidiaries, countries and currencies. The platform allows CFOs and finance teams to centralize cash-related data and forecast future cash positions, addressing a pain point faced by 80% of European CFOs who still rely on Excel for this task.
“We think that we’ll be able to use cash management as the basis for what we call the CFO suite, and provide other tools to CFOs and treasurers,” said Sébastien Beyet, Agicap’s co-founder and CEO.
The startup has already reached a break-even position on a cash basis and has ambitious growth plans. With over 8,000 customers, half of them in France, Agicap aims to expand its foothold in other European markets. The new funding will also be used to launch new features around credit management and foreign exchange risk management.
Agicap’s success is largely attributed to its laser-sharp focus on treasury management, a relatively untapped market. The company has seen its valuation increase “substantially” since its $100 million Series B round in 2021, with industry reports suggesting a valuation range between $750 million and $860 million.
“We don’t want to become a bank,” Beyet stressed, emphasizing Agicap’s commitment to remain a software-as-a-service provider rather than venture into lending or taking on financial risk.
With this latest funding, Agicap is well-positioned to continue its growth trajectory and cement its position as a leading cash flow management solution for midsize businesses across Europe.
