Nomentia goes global with next generation cash management solution
Nomentia was born from the merger of two leading cash management providers who firmly believe in Nordic innovation, building on a strong shared heritage within advanced financial processes. The treasury management company is on a mission to modernise cash management processes.
“Many large businesses deal with multiple banks, payment arrangements and different currencies every day but still suffer from scattered and inefficient treasury, cash and financial processes. Apart from payment fraud, trapped cash, poor cash visibility, and weak cash forecasts lead to companies not having enough cash in hand to manage daily operations and invest back into the business”, says Jukka Sallinen, the CEO of Nomentia.
Nomentia is quickly gaining a firm foothold in the European market. The company employs over 120 professionals in four countries and with a global portfolio of 2,000 businesses that use its software, and end-users in over 100 countries.
Synergies and boosted productivity with streamlined cash management
Nomentia’s story began when Analyste and OpusCapita’s Cash Management business were combined into one business at the end of July 2020.
“We went from competing against each other in Finland to competing together on the global market. In just one year, we have done tremendous work in creating a united company that truly pulls together in the same direction, even when making difficult decisions”, says Sallinen.
The combined business reported 2020 revenues of over EUR 20 million and is expecting double-digit growth going ahead.
“We are committed to developing the company as a rule-of-forty business, which is a common metric for a healthy SaaS company”, says Sallinen.
Harmonised financial processes lower processing cost of payments and receivables, improve cash allocation, and strengthen working capital management. Nomentia perceives cash management as a powerful separate service instead of a part of an entity, and the company has a strong vision of going global in the next few years. Currently, Nomentia is focusing on recruiting from outside Finland, adapting products to international markets and making add-on acquisitions.
“Nomentia has always been a market leader in Finland. Instead of trying to offer one product that fits all, we focus in our greatest strengths, such as cash visibility, risk management and financial workflows. We are active in Scandinavia, Benelux, and the DACH region now. Most of the new customers are from these new regions, while Finland remains our home market.
People first, always
Nomentia brought Verdane on as an investor to build a strong cash management service provider in the Nordics and received active support from Verdane during the merger of Analyste and OpusCapita.
During Verdane’s ownership period, Nomentia has focused on revenue development and other key growth statistics. How should a company prepare for growth according to CEO Sallinen?
“Understanding the product-market fit is crucial. As the product becomes suitable for growth, you need to invest in a robust go-to-market strategy in parallel. Especially Finnish companies tend to focus their investments on products, even though they would benefit from exposing their products to markets and customers from an early stage through sales and marketing. Rapid growth requires fast and structured decision-making that drives the company forward”, says Sallinen.
Sallinen has a very skilled team. He feels confident reaching for international growth with a house full of trustworthy professionals.
“I was once advised to take care of my people, customers, and Board in that exact order, and the rest will follow. I think it is one of the best pieces of advice I have ever received. People form the core of our business. An organisation cannot succeed if its employees don’t find their own place in it. No matter how good the strategy, nothing compares to empowered employees”, says Sallinen.
