Cobase Company Profile

Background

Cobase, established in 2017 and headquartered in Amsterdam, Netherlands, is a fintech company dedicated to simplifying corporate banking, payments, and cash management. The company's mission is to make working with multiple banks more efficient, offering a multibank platform that integrates services of Payment Hubs, Service Bureaus, and Treasury Management Systems into a single solution. Cobase serves CFOs, Treasurers, Cash Managers, Financial Controllers, and Accounts Payable and Receivable departments, enabling them to connect with nearly 15,000 banks worldwide using technologies like SWIFT, H2H, EBICS, and APIs.

Key Strategic Focus

Cobase's strategic focus is on providing a comprehensive multibank platform that streamlines financial operations for corporate clients. The platform offers:

Bank Connector: Secure integration between a company's cloud-based ERP system and banks, facilitating seamless transmission of payment files and electronic bank statements.

Payment Hub: Customizable financial dashboards for managing payments across multiple banks on a single platform, featuring user-friendly interfaces and customizable workflows.

Treasury Modules: Tools for foreign exchange trading, hedging, cash and liquidity forecasting, in-house banking, and cash pooling.

Cobase targets medium to large-sized companies operating in various industries, including natural resources, food and agriculture, retail, financial services, and pharmaceuticals.

Financials and Funding

Cobase has experienced significant growth since its inception. In 2023, the company reported a 67% increase in revenues, reaching €2 million, with all revenues derived from SaaS subscription fees. The client base grew by more than two-thirds during the year, ending 2023 with over 130 clients.

The company's funding history includes:

2018: ING Ventures invested €7.5 million to support Cobase's expansion and development of additional functionalities.

2020: Cobase raised €10 million in a Series A funding round, welcoming Nordea and Crédit Agricole CIB as new investors and strategic partners.

2023: Alpha Group International plc acquired an 85% stake in Cobase, aiming to enhance its treasury-focused product portfolio.

Technological Platform and Innovation

Cobase's platform is built on Microsoft Azure's Platform as a Service (PaaS), ensuring agility, scalability, and compliance with financial industry regulations. The cloud-native approach allows for rapid development and deployment of new features, enabling Cobase to adapt to evolving client needs efficiently.

The platform's key technological features include:

Secure Bank Connectivity: Utilizing SWIFT, H2H, EBICS, and APIs to connect with nearly 15,000 banks worldwide.

ERP Integration: Seamless integration with clients' cloud-based ERP systems, reducing IT complexity and costs.

Comprehensive Treasury Management: Offering modules for foreign exchange trading, hedging, cash and liquidity forecasting, in-house banking, and cash pooling.

Leadership Team

Jorge Schafraad: CEO & Founder.

Jack Gielen: COO & CFO.

Competitor Profile

Market Insights and Dynamics

The corporate banking and treasury management market is characterized by a growing demand for integrated solutions that offer efficiency, security, and compliance. Companies seek platforms that can consolidate multiple banking relationships, streamline payment processes, and provide real-time financial insights.

Competitor Analysis

Key competitors in the multibank and treasury management platform space include:

Coupa: Offers a comprehensive spend management platform with treasury management and enterprise payment capabilities.

Airbase: Provides a spend management platform that integrates with ERP systems, focusing on payment management and financial control.

Stampli: Specializes in accounts payable automation, offering solutions for invoice management and payment processing.

BILL AP/AR: Focuses on financial automation software for small and midsize businesses, providing accounts payable and receivable solutions.

Corpay Cross-Border: Offers trading and payments platforms with global bank connectivity and robust security measures.

Strategic Collaborations and Partnerships

Cobase has established significant partnerships to enhance its market position and innovation capacity:

ING Ventures: Initial investor and strategic partner, supporting Cobase's development and client acquisition.

Nordea and Crédit Agricole CIB: Investors and commercial partners from the 2020 Series A funding round, contributing to Cobase's expansion and technological advancements.

Alpha Group International plc: Acquired an 85% stake in Cobase in 2023, aiming to integrate Cobase's technology into its treasury-focused product portfolio.

Operational Insights

Cobase's competitive advantages include:

Comprehensive Multibank Connectivity: Connecting with nearly 15,000 banks worldwide, offering clients extensive reach and flexibility.

Cloud-Native Platform: Built on Microsoft Azure, ensuring scalability, security, and compliance with financial industry regulations.

Integrated Treasury Management: Providing a suite of modules that address various aspects of treasury operations, from payments to cash forecasting.

Strategic Opportunities and Future Directions

Cobase aims to:

Expand Globally: Building on its European presence to become a leading global player in the multibank and treasury management platform market.

Enhance Platform Capabilities: Continuously develop new functionalities, such as a 'robo assistant' to monitor transactions, to meet evolving client needs.