Lyon-based Agicap raises €45 milllion aiming to redefine treasury management for midmarket businesses | EU-Startups

Agicap, an all-in-one treasury management platform, has announced a €45 million Series C funding round led by AVP. This investment will support Agicap’s mission to expand its leadership across Europe and to position itself as the global reference in midmarket treasury management.

Since its founding in 2016, Agicap has pioneered solutions for treasury management in small to medium-sized businesses (SMBs) and midmarket companies, offering real-time insights into cash flow and a suite of tools that simplify cash management. As economic uncertainty drives finance leaders to prioritise cash forecasting, Agicap’s platform provides C-suite executives and finance teams with accurate and actionable data for managing cash in complex, multi-entity structures.

Agicap’s recent survey, conducted with Innofact, underscores the challenges midmarket companies face: 80% of European CFOs in this sector still rely on Excel-based processes for managing and forecasting cash flow, with only 41% conducting long-term cash forecasts.

Clément Mauguet, Co-founder & Chief Expansion Officer of Agicap said: “In today’s economic conditions, the importance of cash management is paramount. Mid-market organizations have reached a level of complexity that makes it challenging for them to manage and optimize their cash strategy properly, given the need to track countless incoming and outgoing cash flows across multiple entities with numerous bank accounts and currencies. Agicap automates this entire process, offering critical insights in just minutes.”

With a client base exceeding 8,000 companies, Agicap streamlines cash flow data consolidation through direct bank connectivity, ERP integration, and a broad network of real-time APIs. This connectivity empowers businesses to optimise liquidity management and reduce inefficiencies in spending, debt, collections, and payment strategies.

“Midmarket companies lose an average of €450k annually on overdraft fees and financial income due to inefficient cash management. Agicap’s purpose is to bring this figure close to zero,” said Sébastien Beyet, Co-founder & CEO of Agicap.

Following its Series B round in 2021 led by GreenOaks Capital, Agicap has scaled rapidly, expanding its operations into Germany, Italy, the UK, Ireland, and Spain. The company has increased its revenue by 7x, introduced automation solutions for accounts payable and receivable, and is projected to achieve positive cash flow in Europe by early 2025.

The new Series C funding will enable Agicap to focus on three key initiatives:

1. Strengthening European Leadership: Agicap plans to expand its sales and customer success teams across Europe, with a focus on growing outside of France, where international clients already contribute more than 50% of its revenue.
2. Enhancing Product Capabilities: The company will deepen its treasury management product offerings, adding modules for FX risk and credit management to meet the evolving needs of midmarket clients.
3. Expanding Market Reach: Agicap will build indirect sales channels through partnerships with treasury management and systems integration firms to broaden its client base.

For AVP, this funding round is the first investment from its new €1.5 billion late-stage fund aimed at supporting high-growth technology companies in Europe and the U.S.

Warda Shaheen, General Partner at AVP, said: “We are thrilled to invest in the exceptional team at Agicap as they continue on their path to become the next generation global Treasury Management System. Agicap has the best-in-class technology, deepest product offering with the highest accuracy. We were thoroughly impressed by the product-driven culture, strong customer references, rapid growth and seamless ability to scale in different markets. We look forward to being a long-term partner of Agicap as they continue on their global expansion journey.”