Highbeam Raises $10 Million to Expand Cash Management Platform

Highbeam startup has raised $10 million in funding to expand the scope of its products designed for e-commerce.

Highbeam Raises $10 Million to Expand Cash Management Platform

Source: Pixabay.com

This company develops various banking functions. The startup also provides its clients with information about credit and cash flows in the field of e-commerce.

Highbeam co-founder Samir Shergill wrote on his Twitter page that for several months the company has been actively cooperating with several brands in preparation for their launch, and now intends to expand the list of customers.

The startup primarily establishes partnerships with brands run by the founders whose revenue exceeds $ 1 million. Such firms can use the platform to create bank accounts, free bank transfers, receive a debit card with a cash refund of 2%, as well as receive information and forecasts about their business expenses.

Samir Shergill wrote on LinkedIn that effective money management is the main success factor for omnichannel brands. Such companies have few specialized tools for managing cash flow, which is why they need a reliable and competent banking partner. Samir Shergill notes that cash flow and profitability are the main concerns of brand owners.

Another company that is ready to offer financial flow management tools to business representatives is Kyriba. This firm in September last year presented a cash management tool with artificial intelligence. Then the company’s representatives said that as interest rates continue to rise, an inaccurate forecast leads to the insufficient investment of funds and inefficient borrowing.

Bob Stark, Head of Market Strategy at Kyriba Global, noted that the opportunity costs of cash are also growing, so financial directors require more confidence in their cash forecasts to optimize the liquidity of the enterprise.

As we have reported earlier, Digital Asset Protection Provider Coincover Raises $30 Million.